February 12, 2025 16:57 GMT
REAL ESTATE: Mercialys (MERYFP: BBB): FY24
REAL ESTATE
Results look quite solid. Issuance very unlikely.
- Credit Metrics improving: LTV 35.7% reduced by 70bps; NetDebt/EBITDA 6.8x down 0.3x
- EBITDA €147.2m down 2.2m
- Net Recurrent Earnings €113.1m +3.8%
- Organic Rental Income +3.9%
- Footfall +2.7% (+150bps vs "National Panel")
- Retail Sales up +2.1% yoy ; +80bps vs National Panel
- Occupancy (ex renovations) highest since 2019 at 97.1%
- GAV €2.76bn +1.3% like-for-like showing stabilisations of value but nothing better. Total portfolio fell 111m with divestments.
- Divested €135m of assets at 100% of appraisal value - demonstrating liquidity and accurate marking
- At end 2024 only two hypermarkets had Casino connections.
- Last issued in Aug '24 and has nothing due until Feb 26 (Nov 25 Call)
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