Financial information for the first quarter of 2022

MRM

Press release

Financial information for the first quarter of 2022

  • Consolidated revenue for the 1st quarter of 2022 of €2.34m, stable at constant perimeter

  • Solid and continuous rental activity

Paris, May 5, 2022: MRM (Euronext code ISIN FR00140085W6), a real estate company specializing in retail property, today announces its consolidated revenue for the first quarter of 2022, corresponding to gross rental income for the period.

Rental activity

Rental activity remained buoyant in the first quarter. Leases1 signed for a total area of ​​2,500 m² represent a total rent of €0.6 million.

In particular, a lease was signed with the On Air fitness chain with a view to its moving into the medium-sized 2,000 m² surface area within the Carré Vélizy mixed-use residence (Vélizy-Villacoublay) vacated by Office Depot in January 2022. This lease entered effective April 29, 2022.

As of March 31, 2022, the physical occupancy rate2 and the financial occupancy rate2 are stable compared to the end of December 2021, at 90% and 88% respectively.

Change of revents

Revenue for the first quarter of 2022 amounted to €2.34 million, stable compared to the first quarter of 2021 at constant scope3.

Thanks to its rental successes, MRM benefited in the first quarter of the year from the full effect of the leases signed in 2021 for the Valentin shopping center (near Besançon), Aria Parc (Allonnes) and Sud Canal (Saint-Quentin-en- Yvelines). This positive effect was offset by the temporary vacancy of the medium-sized space vacated at Carré Vélizy, which had already been re-let (see above). The indexation effect was slightly positive.

On a reported basis, taking into account the impact of the disposal of two non-strategic assets in October 2021, revenue was down 3.3% compared to the first quarter of 2021.

Quarterly turnover
€m

Q1
2022

Q1
2021

Switch

Change to the same1

Total gross rental income

2.34

2.42

-3.3%

+0.0%

(unaudited figures)

Collection of rents

To date, the rent collection rate for the first quarter of 2022 is 93%.

MRM also continued to collect arrears for 2021: overall, the rate of collection of rents and charges due after taking into account rent waiver agreements with tenants fell from 92% at February 24, 2022 to 94% currently.

Financial situation

MRM’s financial situation remains healthy with a solid balance sheet. Following the refinancing of all of its bank debt in December 2021, the next significant repayment is scheduled for December 2028.

As a reminder, MRM has a line of credit of €6.4 million to contribute to the financing of new development investments and proactive CSR work.

MRM reverse stock split

MRM reverse stock split4launched by the Board of Directors at its meeting of February 24, 2022, began on March 21, 2022 and ended on April 20, 2022, the first day of listing for the new shares.

The reverse stock split consisted of the exchange of 20 existing shares with a nominal value of €1 for 1 new share with a nominal value of €20.

The Company’s share capital of €43,667,800 is now divided into 2,183,390 ordinary shares with a par value of €20.

The new shares are listed under the ISIN code FR00140085W6. Old shares listed under the ISIN code FR0000060196 have been delisted. The mnemonic code (MRM) is unchanged.

Outlook

MRM’s main operational priorities are:

• Analysis and deployment of investment programs to enhance the current assets of the portfolio;

• Leave space available;

• The deployment of the ESG action plan and the Climate Plan adopted by the Company, with particular attention paid to reducing energy consumption;

• Dynamic portfolio management with analysis of potential acquisitions and disposals.

MRM maintains its objective of total annualized net rental income above €10 million, based on the current portfolio (excluding acquisitions and disposals), assuming an occupancy rate of 95%. As a reminder, this objective was confirmed on February 24, 2022 despite the disposals carried out in 2021.

Schedule

The general meeting of shareholders to approve the financial statements for the 2021 financial year will be held on June 9, 2022.

Second quarter revenue and full-year 2022 results are expected on July 28, 2022 after market close.

About MRM

MRM is a listed real estate investment company that owns and manages a portfolio of businesses spread over several regions of France. Its majority shareholder is SCOR SE which holds 59.9% of the capital. MRM is listed on compartment C of Euronext Paris (ISIN: FR00140085W6 – Bloomberg code: MRM:FP – Reuters code: MRM.PA). MRM opted for SIIC status on January 1, 2008.

For more information

MRM
5, avenue Kleber
75795 Paris Cedex 16
France
T +33 (0)1 58 44 70 00
[email protected]

Isabelle Lawrence, OPRG Financial
M +33 (0)6 42 37 54 17
[email protected]

Website: www.mrminvest.com

1 New leases or renewals
2 Of which leases already signed but not yet in force as of March 31, 2022
3 Changes at constant scope are calculated by deducting the rents generated by the assets sold in year n from the revenue published in year n-1
4 The terms of this reverse stock split are described in the notice published in Bulletin of Advertisement Legal Mandatory on March 2, 2022 and are available in the Finance/Shareholders section of the Company’s website at the following link www.mrminvest.com

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