Mercialys (MERY) Q3 2024 TU earnings summary

Executive summary

• Achieved organic growth of 4.0% in invoiced rents over nine months, with strong operational performance and commercial trends.

• Outperformed national indexes in both site footfall (+130bp) and retailer sales (+110bp) at Mercialys sites.

• Maintained focus on accessible retail and essential needs, supporting resilience amid consumer purchasing power pressures.

Financial highlights

• Invoiced rents reached €134.7 million at end-September 2024, up 1.9% on a current basis and 4.0% like-for-like year-over-year.

• Rental revenues totaled €135.0 million, up 1.8% from September 2023.

• Positive indexation contributed +4.2 points to organic growth, with occupancy cost ratio at 10.9% (excluding large food stores).

• Lease rights and despecialization indemnities received were €0.3 million, down from €0.4 million a year earlier.

Outlook and guidance

• 2024 objectives confirmed: net recurrent earnings (NRE) per share to grow at least 2% versus 2023.

• Dividend payout to range from 75% to 95% of 2024 NRE.