Growth in recurring earnings and dividend Recurring earnings per share of €1.60, up 8% like for like compared with 20221 (up 2.3% versus 2022 recurring earnings per share of €1.56) Proposed cash dividend of €1.20 per share (a 2.6% increase on 2022) Acquisition of Galimmo: closing expected in summer 2024 Recurring earnings per share expected to be at least €1.63 in 2024 Excellent operating performance
Excellent leasing momentum: 826 leases signed, positive reversion of 2.4% Financial occupancy at a record 96.6%, up 0.1 percentage points versus end-2022 Specialty Leasing revenue up 9% versus 2022 Organic growth of 4.7% in net rental income versus 2022 Retailer sales up 5% versus 2022 Increase in discount rates used in appraisal values partially offset by growth in the rental base
Portfolio valuation on a like-for-like basis: down 2.3% versus end-2022 Net Initial Yield of 6.42% (around 350 bps above 10-year French government bond yield) EPRA Net Tangible Assets (NTA) per share of €24.17 at end-2023 (down 4.3%) Solid financial structure
Net-debt-to-EBITDA ratio of 7.3x versus 7.7x at end-2022 EPRA LTV ratio including transfer taxes2 of 36.6% at end-2023 Financing for the Galimmo acquisition secured No maturity to be refinanced before May 20273 Marie Cheval, Chair and Chief Executive Officer of Carmila commented: "In 2023, Carmila continued to successfully implement its "Building Sustainable Growth" strategic plan. This innovative and differentiating growth strategy is based on adapting the merchandise mix, agile and responsible transformation of our assets and optimised capital allocation.
The results are there to see: financial performance, record occupancy, successful asset rotation and the Galimmo acquisition.
2024 will be another year of growth, with more transformation projects, a long-term vision around mixed-use with Carrefour, and, above all, the closing of the Galimmo acquisition, which will allow us to roll out our strategy on a complementary portfolio."
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