Carmila
Financial information as at 31 March 2019
Regulatory News:
Carmila (Paris:CARM):
Gross rental income for the first quarter of 2019
Carmila's gross rental income for the first three months of 2019 stood at €89.2 million compared with €82.1 million over the same period in 2018, representing an increase of +8.7%.
In thousands of euros | 31 March 2019 | 31 March 2018 |
% change
2019/2018 |
|||
Gross rental income | 89,206 | 82,076 | +8.7% | |||
France | 59,448 | 57,410 | +3.5% | |||
Spain | 23,677 | 18,755 | +26.2% | |||
Italy | 6,081 | 5,911 | +2.9% |
2018 was a successful year for acquisitions and these generated significant gross rental income growth in 2019. Carmila acquired nine shopping centres last year, which represented an annualised net rental income of €23.5 million.
The change in gross rental income in the first quarter was also driven by the delivery in 2018 of seven projects representing net rental income on an annualised basis of €11 million.
The growth in cumulative gross rental income at the end of March 2019, compared with the first quarter of 2018, is +8.7% and breaks down as follows:
- impact of 2018 acquisitions on growth in gross rental income: +5.7 points;
- impact of extensions delivered in 2018 (no deliveries in the first quarter of 2019): +1.6 points;
- growth of gross rental income at constant scope: +1.8 points (1.3% of average indexation); and
- other effects (strategic vacancy, non-cash impacts, etc.): -0.4 points.
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Operating activity of the first quarter of 2019
Schedule maintained for developments under construction
Restructuring works were launched to enable Primark to open at Cité Europe in Calais in the fourth quarter of 2019. Primark's arrival steps up the momentum of this centre's transformation, which began following its acquisition in 2014 and enhances the attractiveness this leading regional shopping destination. A revamped food court in 2020 with an array of new brands will increase footfall and strengthen the commercial zone.