- Dynamic leasing activity maintained (763 leases signed, up
+34% on the first nine months of 2019 and up +105% on the first
nine months of 2020)
- Rent collection returning to normal for third-quarter 2021
rents (collection rate 90.1%)
- Positive reversion in the first nine months of 2021 on new
leases (+3.1% above rental appraisal values) and renewals (+3.7%
above)
- Net rental income down -9.1% on the first nine months of
2020 and stable (down just -0.2%) like-for-like excluding the
temporary effects of the health crisis
- Financial occupancy rate unchanged versus second-quarter
2021 at 95.7%
- A stable rental base (down just -0.4% like-for-like since
end-September 2020)
- Robust retailer sales in the third-quarter (higher than in
third-quarter 2020 in all three countries, and almost in line with
third-quarter 2019 in France and Italy)
- Carmila recognised for the quality of its sustainability
reporting and CSR strategy (EPRA sBPR Gold and GRESB Development
awards)
- New €810 million sustainability-linked revolving credit
facility signed
- S&P confirms Carmila’s BBB credit rating and revises its
outlook from negative to stable
- Launch of a share buyback programme in the third-quarter of
2021
- Carmila expects recurring earnings per share to be stable in
2021 versus 2020 (an increase of more than +10% excluding the IFRS
16 impact)
- Save the date: Carmila Capital Markets Day on 7 December
2021
Regulatory News:
Marie Cheval, Chair and Chief Executive Officer of Carmila
(Paris:CARM) commented: "Carmila has benefited this quarter
from a gradual return to normal performance following the upturn in
trading among its retailers, after a first half disrupted by the
health situation. The strength of Carmila’s model is clearly
illustrated by the exceptional level of leasing activity in the
quarter, as well as a financial performance that remains solid,
with full-year recurring earnings per share expected to be in line
with 2020. The Capital Markets Day to be held in December will be
an opportunity to present Carmila’s strategic and financial
plan."
Key financial information
First nine months 2021
First nine months 2020
Change
Change at constant
scope*
Gross rental income (€m)
263.8
250.4
+5.3%
Net rental income (€m)
206.2
226.8
-9.1%
-0.2%
France
141.5
150.6
-6.1%
Spain
50.6
62.8
-19.4%
Italy
14.1
13.4
+5.1%
*Adjusted for the effects of the health
crisis
Net rental income down -9.1% on the first nine months of 2020
and stable (down just -0.2%) like-for-like excluding the temporary
effects of the health crisis
In the first nine months of the year, net rental income on a
like-for-like basis, excluding the temporary effects of the health
crisis, was stable (down just -0.2%) versus the first nine months
of 2020, demonstrating the strength of Carmila’s rental base.
Excluding these adjustments, net rental income was down -9.1% in
the period.
As a reminder, in 2020 a significant portion of the impact of
the health crisis on net rental income had not yet been booked at
end-September 2020, making it difficult to compare net rental
income for the first nine months of that year with the same period
of 2021. In the first half of 2021, stores in Carmila shopping
centres remained closed for 2.2 months on average.
Rent collection returning to normal for third-quarter 2021
rents (collection rate 90.1%)
The collection rate for third-quarter rents reflected the
gradual return to normal in rent collection, which stood at 90.1%
at 19 October 2021, up +12 points on the collection rate for
third-quarter 2020 at the same prior-year date1. The collection
rate for the first half of 2021 was 76.3% due to closure periods
and the impact of tenants anticipating a financial support package
in France.
Dynamic leasing activity maintained (763 leases signed, up
+34% on the first nine months of 2019 and up +105% on the first
nine months of 2020)
A record number2 of leases were signed in the first nine months
of 2021 (763 leases signed, up +34% on the first nine months of
2019 and up +105% on the first nine months of 2020), for a total
minimum guaranteed rent of €39.2 million, or 11% of the rental
base. Reversion was positive on new leases, coming out +3.1% above
rental appraisal values on average, and reversion on renewals was
+3.7% above on average.
Notable leasing transactions signed in the quarter included:
- Differentiating, high-quality brands: Jack and Jones, Lacoste,
Rituals, Superdry
- New tenants for Carmila: Miniso, Studio Comme J’aime, Crazy
Kids
- Sector leaders: the discounter Action, Intersport
As at 30 September 2021, the rental base was stable versus
end-September 2020 on a like-for-like basis (down just -0.4%) and
the financial occupancy rate was unchanged from second-quarter 2021
at 95.7%, demonstrating that vacancy has been kept at a very low
level in Carmila centres.
Robust retailer sales in the third-quarter (higher than in
third-quarter 2020 in all three countries, and almost in line with
third-quarter 2019 in France and Italy)
Footfall in the third-quarter of 2021 was close to the levels
seen in third-quarter 2020 (98.1% in France, 101.0% in Spain and
102.9% in Italy) but remained below the levels seen in
third-quarter 2019 (89.7% in France, 79.5% in Spain and 84.8% in
Italy). In France, the requirement to show health passes to access
shopping centres of more than 20,000 sq.m. in some French
departments affected footfall in Carmila centres in August and
September. However, Carmila centres in France outperformed the
sector by seven percentage points in the period3.
Retailer sales were very close to third-quarter 2019 levels in
France (98.7%) and Italy (99.6%) but remained below those levels in
Spain (90.3%). Retailer sales were higher than in third-quarter
2020 (up +1.4% in France, +15.9% in Spain and +4.8% in Italy).
Carmila recognised for the quality of its sustainability
reporting and CSR strategy (EPRA sBPR and GRESB Development 2021
awards)
Carmila received an EPRA sBPR4 Gold award for the second time,
highlighting the company’s alignment with the highest standards in
non-financial reporting, and was ranked number one among listed
commercial real estate peers in the Development category of the
GRESB5 2021 benchmark, with a score of 94/100.
Carmila also received an EPRA Gold BPR award for the quality of
its financial disclosure.
Working in partnership with e-commerce players
Carmila is committed to helping the four winners of its DNVB6
Ready competition roll out their brand in its shopping centres.
Flotte, Le Beau Thé, Baya and Bandit will be supported in setting
up their own store, a sales space in the Marquette DNVB concept
store or a pop-up store. The competition's success attests that
brands first developed online see the value of having a physical
presence in shopping centres.
New €810 million sustainability-linked revolving credit
facility signed
Carmila has strengthened its financial structure by signing a
new €810 million revolving credit facility on 21 October, in two
(three and five-year) tranches, including two one-year extension
options. The facility replaces an existing €759 million revolving
credit facility maturing in 2024. It includes two sustainability
criteria designed to support Carmila’s ambitious strategy to halve
its greenhouse gas emissions by 2030 and to achieve BREEAM
certification for its entire asset portfolio by 2025. Carmila will
see its credit spread reduced if these targets are met and, in all
cases, will be making a financial contribution to sustainability
initiatives.
S&P confirms Carmila’s BBB credit rating and revises its
outlook from negative to stable
On 14 September 2021, S&P confirmed Carmila’s BBB rating and
revised its outlook from negative to stable.
Launch of a share buyback programme in the third-quarter of
2021
Carmila launched a share buyback programme on 3 September 2021,
with a view to cancelling the repurchased shares, for a maximum
amount of €8 million. The share buyback period began on 6 September
and will run until the end of December 2021.
Carmila expects recurring earnings per share to be stable in
2021 versus 2020
With the resumption of retail trading in the third-quarter and
an improved health situation in the three countries where Carmila
operates, there is less uncertainty around the financial outlook.
On that basis, Carmila expects recurring earnings per share to be
stable in 2021 compared with 2020. This corresponds to a more-than
+10% increase in recurring earnings per share excluding the impact
of IFRS 16 (i.e., the effect of the deferral of rent-free periods
related to the first wave of Covid-19 over the remaining life of
leases).
Save the date: Carmila Capital Markets Day on 7 December
2021
Carmila will present its strategic and financial plan on 7
December 2021 in Paris.
INVESTOR AGENDA
7 December 2021: Carmila Capital Markets Day
16 February 2022 (after market close): 2021 Annual
Results
17 February 2022: Investor and Analyst Meeting
21 April 2022 (after market close): Q1 2022 Financial
Information
12 May 2022: Annual General Meeting
ABOUT CARMILA
As the third largest listed owner of commercial property in
continental Europe, Carmila was founded by Carrefour and large
institutional investors in order to transform and enhance the value
of shopping centres adjoining Carrefour hypermarkets in France,
Spain and Italy. At 30 June 2021, its portfolio was valued at €6.13
billion, comprising 214 shopping centres, all leaders in their
catchment areas. Driven by an ambition to simplify and enhance the
daily lives of retailers and customers across the regions, the
local touch is at the heart of everything Carmila does. Carmila’s
teams have a deeply-anchored retail culture, comprising experts in
all aspects of retail attractiveness: operations, shopping centre
management, leasing, local digital marketing, business set-ups and
CSR.
Carmila is listed on Euronext-Paris Compartment A under the
symbol CARM. It benefits from the tax regime for French real estate
investment trusts (“SIIC”).
Carmila became part of the FTSE EPRA/NAREIT Global Real Estate
(EMEA Region) indices on 18 September 2017.
Carmila became part of the Euronext CAC Small, CAC Mid &
Small and CAC All-tradable indices on 24 September 2018.
IMPORTANT NOTICE
Some of the statements contained in this document are not
historical facts but rather statements of future expectations,
estimates and other forward-looking statements based on
management's beliefs. These statements reflect such views and
assumptions prevailing as of the date of the statements and involve
known and unknown risks and uncertainties that could cause future
results, performance or events to differ materially from those
expressed or implied in such statements. Please refer to the most
recent Universal Registration Document filed in French by Carmila
with the Autorité des marchés financiers for additional information
in relation to such factors, risks and uncertainties. Carmila has
no intention and is under no obligation to update or review the
forward-looking statements referred to above. Consequently, Carmila
accepts no liability for any consequences arising from the use of
any of the above statements.
This press release is available in the
“Financial Press Release” of Carmila’s Finance webpage:
https://www.carmila.com/en/finance/financial-press-releases/
1 Collection rate for third-quarter 2020 rents, as disclosed on
23 October 2020 2 Record for the first nine months of the year
since the formation of Carmila 3 Quantaflow panel. Change in
footfall versus third-quarter 2019. 4 Sustainability Best Practices
Recommendations 5 Global Real Estate Sustainability Benchmark 6
Digital Native Vertical Brands
Visit our website at https://www.carmila.com/en/
https://www.linkedin.com/company/carmila/
https://twitter.com/CarmilaFrance
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211021005739/en/
INVESTOR AND ANALYST CONTACT Pierre-Yves Thirion – Chief
Financial Officer pierre_yves_thirion@carmila.com +33 6 47 21 60
49
Jonathan Kirk – Head of Investor Relations jonathan_kirk@carmila.com +33 6 31 71 83 98
PRESS CONTACT Morgan Lavielle - Communications Director
morgan_lavielle@carmila.com +33 6 87 77 48 80
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