Press release
First quarter 2023 financial information
- Gross rental income up 62.3%, reflecting MRM’s change of scope following the acquisition of the Flins and
Ollioules shopping centres in late 2022 - On a like-for-like basis, gross rental income up 3.6%
- Retailer revenue up 9%
- Proactive release of a Statement of Non-Financial Performance, attesting to the ESG long-term commitments of MRM
Business update
Retailer revenue in the MRM portfolio, including the Flins and
Letting activity remained robust in first quarter 2023: 5 leases2 were signed, representing total rents of €0.5 million and a total floor area of 5,400 sqm.
These include a lease signed with Carrefour for a total floor area of 3,500 sqm at the Halles du Beffroi shopping centre in
MRM notes that the Halles du Beffroi shopping centre is adjacent to a fresh produce market owned by the city of
The other new leases include a beauty salon that has moved into a vacant store in the Passage
This letting activity increased the physical occupancy rate3 by 1.0 point while the portfolio’s financial occupancy rate3 remained stable at the
Change in gross rental income
Gross rental income in first quarter 2023 was €3.80 million, a 62.3% increase from the same period in 2022. This major increase is due to the integration of the Flins and
On a like-for-like basis4, excluding the Flins and
€m | Q1 2023 | Q1 2022 | Change | Like-for-like change4 |
Total gross rental income | 3.80 | 2.34 | +62.3% | +3.6% |
(unaudited figures)
Statement of Non-Financial Performance
On
In keeping with its decision to place priority on the challenges of climate change initially, the DPEF can already be used to track MRM’s progress on its trajectory towards achieving a more efficient, low-carbon energy mix by 2030:
- Consumption by surface area5 of final energy demand6 of MRM’s assets was already reduced by 25% in 2022 compared to historical benchmarks7, which is in line with the trajectory targeting a 40% reduction by 2030 as specified in the Décret Tertiaire;
- Emissions by surface area5 of greenhouse gas for MRM’s assets were reduced by 33% compared to historical benchmarks7, a performance that must be seen in the light of the 42% reduction required to reach the ceiling target by 2030, which corresponds to the sector trajectory defined by the Carbon Risk Real Estate Monitor (CRREM);
- MRM’s decarbonisation commitments are in line with the Paris Agreement on Climate Change, which limits global warming to +1.5°C by 2030.
The DPEF will broaden over the years with the gradual enlargement of the scope of MRM’s extra-financial commitments, which will be accompanied by new targets.
Outlook
In 2023, MRM will benefit from the full-year impact of the acquisition of the Flins and
With its larger store portfolio and its relationships with a greater number of retailers and chains, MRM continues to mobilise around the following priorities:
• Analysing and implementing investment programmes aimed at enhancing the value of properties, comprised of its historic portfolio and the two shopping centres acquired in late 2022;
• Letting available space;
• Rolling out the company’s ESG action plan;
• Managing the property portfolio dynamically, by exploring potential acquisitions and disposals.
MRM confirms that it is targeting annualised net rents of over €16 million by 2025. This target is based on the current portfolio (excluding any acquisitions and disposals).
Calendar
The general shareholders’ meeting to approve the financial statements for 2022 will be held on
Revenues for the second quarter and 2023 first half results will be released on
About MRM
MRM is a listed real estate company that owns and manages a portfolio of retail properties across several regions of
MRM opted for SIIC status on
For more information
MRM 5, avenue Kléber 75795 Paris Cedex 16 T +33 (0)1 58 44 70 00 relation_finances@mrminvest.com | M +33 (0)6 42 37 54 17 isabelle.laurent@oprgfinancial.fr |
Website: www.mrminvest.com
1 Based on available revenue figures for tenants already in place in first quarter 2022, or about 75% of retail tenants
2 New leases or renewals
3 Including leases already signed but not yet in effect as at
4 Like-for-like changes are calculated by deducting rents generated by acquired assets from reported gross rental income in year n and rent generated by assets sold from reported gross rental income in year n-1
5 Excluding parking
6 Energy consumed by the building to meet user needs (rated EF)
7 The Décret Tertiaire (French law reducing energy consumption for tertiary buildings) and CRREM (tool for measuring COeq levels) are applied per building in relation to a benchmark year, defined on a case-by-case basis
Attachment
- MRM - CP T1 2023
VA
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