Share price

€ 51.50
( -0.96 %)
09/22/2023-11:26

Share price

€ 51.50
( -0.96 %)
09/22/2023-11:26

2023 HALF YEAR RESULTS

A first half of 2023 supported by a solid operational performance.

€189m for the Group’s directly owned asset (-2% vs. Dec 31, 2022),

  • €189m in own account (-2% vs. December 31, 2022)
  • €2,872m on behalf of third parties (+2% vs. Dec 31, 2022).

 

A positive evolution of several indicators for the owned portfolio

  • Net rental income up by 34%, reaching €4.2m in the 1st semester of 2023,
  • Financial occupancy rate of directly owned asset achieved 99.1% , remaining stable compared to the end of 2022,
  • WALB increased to 5.1 years as at June 30, 2023, vs. 4.2 years as at December 31, 2022,
  • EPRA Net Asset value (Net Reinstatement Value/NRV) reached €121.4 per share, down by 5% vs. €128.0 per share as at Dec 31, 2022,
  • Loan to Value ratio (LTV) remained stable at 27% .

 

Considerable achievements for the management activity on behalf of third parties regardless of difficult market environment

  • Revenues on commissions up by 15% except the one-off impact, thanks to the development of the funds under management,
  • Continuation of investments for the funds under management with €31m of acquisitions,
  • Gross subscriptions amounted to €66m in the 1st semester of 2023, down by 39% compared to the same period in 2022, in a context where all the players in the sector have been impacted by the slowdown in fundraising,
  • An occupancy rate of almost 100% for The Medelan, illustrating the success of a major restructuring operation.

 

New awards, milestones and initiatives

  • Further steps towards the deployment of ESG strategy “Create More”: decarbonization roadmap completed, aiming for carbon neutrality by the end of 2030 and Net Zero by the end of 2050 for the REIT; climatic risk evaluation and CRREM analysis performed for more than 30 assets; decarbonization study launched for PAREF Gestion; SRI label obtained for Interpierre Europe Centrale, etc.,
  • Numerous awards won by PAREF team in the 1st semester of 2023: Trophée d’Or in the category of Best retail SCPI awarded to Novapierre Allemagne 2 by the trophies list of best real estate investments from the magazine “Le Revenu”, Editorial prize – SCPI category attributed to PAREF Gestion by the magazine “Investissement Conseils”, 2nd prize of retail SCPI awarded to Novapierre Allemagne by the magazine “Mieux Vivre Votre Argent”s,
  • Pursuit of Group’s digitalization to put in place multiple initiatives and innovation with technology partners, namely a new platform for the relations between tenants and landlords (with Bazimo).

 

The Management Board of PAREF, during the meeting held on July 27, 2023, approved the closing of the consolidated accounts as of June 30, 2023.

“Against a backdrop of rising interest rates and decreasing transaction volumes, PAREF teams have continued to deliver a solid operational performance, thanks to the diversification of our business model which continues to bear fruit. Our real estate activity derives profit from increasing rental income, high occupancy rate and longer leases. We keep on improving the rental situation of our assets, implementing our ESG strategy “Create More” and pursuing the digitalization of our processes and services for the benefit of customer experience. I also would like to welcome the new members of our Management Board, which is thus strengthened in terms of expertise and quality.”