2023 First Quarter revenues

27 Apr 2023

Strong discipline in managing the cycle

Revenue: €556.3m (-15.9%)


Altarea, leader in low-carbon urban transformation

  • A comprehensive real estate offering serving the city and its users

Residential: adapting to new market conditions

  • Drop in new orders (-18% in value and -21% in volume)
  • Multiplied commercial efforts dedicated to Individual buyers
  • Review of the property portfolio and commitment criteria

Retail: a good first quarter performance

  • Tenants’ revenue: +9%
  • Financial occupancy rate at 97.1%
  • Rental income: +8.1%

Business property: activity meeting the expectations

  • Paris inner city: delivery for L'Oréal and new project rue des Pyramides
  • Regions: signing of an off-plan sale within the Toulouse Guillaumet major urban project
  • XXL Logistics: successful leasing campain for the Bollène Hub

Financial and environmental performance

  • Consolidated revenue: €556.3m (-15.9% vs Q1 2022)
  • Revenue aligned with European taxonomy at 46.9%
  • Investment Grade financial rating upgraded by S&P Global
  • Available liquidity: €2.5 bn

Annual general meeting on 8 June 2023

  • Proposed dividend for 2022: €10/share (+2.6%) paid on 4 July
  • Open period for partial reinvestment option into shares from 14 to 23 June 2023 inclusive

Data as at 31 March 2023 unaudited

"The downward real estate cycle that has begun in the fall of 2022 could last from 12 to 24 months, depending on the response of the public authorities to address the residential crisis. Altarea is applying with great discipline the management principles adapted to the context and can rely on a solid financial structure to get through this cycle, continue to invest for the medium term and seize opportunities. Altarea confirms that it expects a decrease in its 2023 FFO due to the lack of mega projects in Business Property and a proven deterioration in Residential sales. The extend of which will depend primarily on the evolution of the residential market over the coming months.

Alain Taravella, Chairman and Founder of Altarea


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