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21/05/2024-14:00

PRESENTATION OF 2023 ANNUAL RESULTS

You can watch or replay the conference by clicking on this link.

Consolidated turnover of €33.8m, driven by higher rental income and management commissions

  • Net rental income amounted €8.8m in 2023, an increase of 31% compared to December 31, 2022

  • Revenues on management fees reached €15.5m, stable compared to December 31, 2022

  • Signature of « Sustainability-Linked Loan » (SLL) of €90m to refinance the Group

  • Loan to Value ratio (LTV)1 remains low at 28% (compared to 22% as of December 31, 2022)

  • EPRA recurring net income at €2.1m, down 21% compared to December 31, 2022

  • EPRA Net Asset value (Net Reinstatement Value/NRV) per share stood at €113.3 per share, down 11% compared to December 31, 2022

  • Assets under Management remained stable at around €3.0 bn as of December 31, 2023

The REIT activity continues to develop towards assets with strong potential for value creation and greater environmental quality

  • €182m of owned asset (-5.1% December 31, 2022)

  • Financial occupancy rate2 remains at a high level, achieving 1%

  • The ongoing redevelopment project of Léon Frot asset obtained the WiredScore Gold

The management activity on behalf of third parties remains dynamic despite a complex real estate market

  • Approximately €2.8 bn managed on behalf of institutional or individual third parties, almost stable compared to December 31, 2022

  • Gross subscriptions for the SCPI funds under management amounted to €95m, down 51% compared to December 31, 2022

  • The performance of SCPI funds under management (distribution ratio) is robust and is improving given unchanged subscription price

The Group continues to implement its ambitious “Create More” ESG strategy

  • Definition of a zero carbon trajectory for its portfolio with an operational roadmap to decarbonize the assets by 2030

    • Signature of the Energy Sobriety Charter for the sobriety of public and private commercial buildings, introduced by the Ministry of Ecological Transition

    • Signature of the Charter of Commitment to Gender Parity and Professional Equality in real estate sector

    • SFDR3 Article 8 classification for the funds Novapierre Allemagne, Novapierre Allemagne 2 and Interpierre Europe Centrale

    • Awarded « HappyIndexAtWork » and « WelmpactIndex » by ChooseMyCompany

    • ESG rating at the Advanced level by EthiFinance

Outlook and priorities for 2024

  • In 2024, PAREF will leverage its business model to deploy its strategy despite macroeconomic uncertainties and to answer the growing demands of ESG transformation

  • PAREF Group will continue to diversify its revenues by increasing the recurring cash flow generated from management fees while maintaining a strict cost discipline in order to achieve continuous margin improvement

The Board of Directors proposes a dividend of €1.5 per share payable in cash for the 2023 financial year, which will be submitted for approval to the Annual Shareholder’s Meeting scheduled on May 23rd, 2024.

The Board of Directors, during the meeting held on February 22nd, 2024, approved the closing of the annual statutory and consolidated accounts as of December 31st, 2023. The review of the results by auditors is in progress.

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