First quarter 2024 financial information

        Press release

First quarter 2024 financial information

• Retailer revenues up +0.8%
• Gross rental income of €3.8m
• 8 leases signed representing rents of €0.3m

Paris, 16 May 2024: MRM (Euronext code ISIN FR00140085W6), a real estate company specialising in retail property, today announced its consolidated revenues for the first quarter of 2024, corresponding to gross rental income received for the period.

Business activity

The retailers in MRM’s portfolio¹ achieved revenue growth of 0.8% relative to the first quarter of 2023. The 2.4% increase in revenues generated by retailers in retail units of less than 500 sqm was partly offset by the 1.3% fall in revenues from units of more than 500 sqm.

In terms of letting activity, eight leases were signed² representing total rents of €0.3 million and a total floor area of 1,550 sqm. These include the signing of a lease for a total of 400 sqm with discount retailer Normal, providing a second anchor for the Ollioules regional shopping centre alongside the Carrefour hypermarket.

Change in gross rental income

Gross rental income for the first quarter of 2024 totalled €3.77 million. This represents a slight fall of 0.8% relative to the same period in 2023.

€m	Q1 2024	Q1 2023	Change
Total gross rental income	3.77	3.80	-0.8%

(unaudited figures)

MRM benefited from indexation, which averaged at 4.7% in the first quarter of 2024, as well as the effect of new leases signed since 1^st January 2023. However, these positive factors did not completely make up for the impact of several units becoming vacant as a result of two main events:

• The strategic vacancy of space within the Flins regional shopping centre with the framework of proposed redevelopment/renovation works. At the end of December 2023, this vacancy represented 1,700 sqm. In the first quarter of 2024, two new units were vacated in the zone in question, bringing the total floor space involved to 2,150 sqm. As a reminder, MRM has stated that this vacancy would affect a total of 13 lots representing 2,900 sqm, or 29% of the centre’s floor area;
• The departure of Habitat that has been placed in receivership, which occupied a 2,500 sqm unit at Carré Vélizy. MRM confirms that it has received letters of interest about reletting this space.