Patrimoine & Commerce: Rents Up 5.6%, Net Income Down 12%
The real estate investment company Patrimoine & Commerce published its first-half 2026 financial statements, marked by growth in rental income and current operating profit.
At the same time, the Group's net income declines due to an increase in debt service costs and an adjustment in the fair value of real estate assets. The Group's recurring net income, however, remains stable.
Net Rents and Current Operating Profit on the Rise
In the first half of 2026, Patrimoine & Commerce recorded rental income of 30.3 million euros, up 5.6% (or +1.6 million euros) compared to the first half of 2025. Net rents reached 27.5 million euros, up 5.3%.
This change is explained by scope changes and the evolution of the global integration scope (+1.6 million euros). On a constant scope basis, rents remain stable, with average indexation contribution at around 0%.
Current operating profit stands at 23.3 million euros, up 6.2%. The occupancy rate of commercial assets, excluding strategic vacancies, reaches 95.6% on a rental basis, and the collection rate for the half-year stands at 99%.
Debt and Fair Value Hinder Net Income
Consolidated net income amounts to 10.5 million euros, of which 10.7 million euros for the Group's share, or 0.66 euros per share (compared to 0.76 euros on June 30, 2025), down 12.0%.
Two elements explain this decline despite the growth in current operating profit. On one hand, financial result represents a charge of 8.1 million euros, compared to 6.5 million euros a year earlier, with the average financing cost rising from 2.87% to 3.13% over the half-year. On the other hand, the change in fair value of investment properties had a negative impact of 4.4 million euros.
The Group's recurring net income amounts to 16.2 million euros, stable compared to 16.3 million euros in the first half of 2025.
NAV Down and Net Debt Up
The revalued net asset value for liquidation (Group share, excluding rights) stands at 485.8 million euros on June 30, 2026, compared to 498.0 million euros on January 1, 2026. This variation is linked to the period's results, fair value adjustments and dividend seasonality, notably accounting for the 2025 dividend of 22.6 million euros (1.40 euros per share), approved by shareholders. NAV excluding rights per share falls from 31.40 euros to 29.87 euros.
Net debt reaches 410.8 million euros on June 30, 2026, compared to 385.5 million euros at end of 2025. Real estate assets (excluding assets held for sale) are valued at 896.3 million euros, compared to 889.7 million euros on December 31, 2025, with an average capitalization rate stable at 7.5%.
Over the half-year, the group sold two assets (in Hénin-Beaumont and Piennes) for a total amount of 4.2 million euros, in line with expert valuations, and completed no acquisitions of new real estate assets.
