Heritage & Commerce presents its annual results for 2023 with growth

On February 21, 2024, Heritage & Commerce announced its results for the fiscal year 2023, marked by a strong financial performance despite a complex economic environment. The recurring net income per share increased by 5.2%, reaching €2.03 per share. The company also reported a rent and charges collection rate of 98% and announced a 3.8% dividend increase to €1.35 per share.

Gross rents amounted to €50.5 million, representing a 6.7% increase compared to 2022. This growth is explained by acquisitions and disposals, the delivery of restructuring projects, and contractual lease indexation. Furthermore, the company reported a 4.8% increase in recurring net income, reaching €30.7 million.

Operationally, Heritage & Commerce signed 58 new leases, bringing its financial occupancy rate to 94.7%. The value of the properties grew by 2.0%, reaching €858 million. The company emphasized its proactive portfolio management approach, including the sale of non-strategic assets and the development of its existing assets.

Eric Duval, managing director and founder, expressed confidence in the company's ability to sustain its sustainable growth despite the economic context. He notably highlighted the strength of the retail parks market, seen as a safe haven in the commercial real estate investment sector.