(AOF) – Paref revealed a recurring net result (EPRA) down 21% to 2.1 million euros. Consolidated turnover fell by 18% to 33.8 million euros. Net rental income amounts to 8.8 million euros, an increase of 31%. Revenue from management fees fell by 27% to 25 million euros. Gross subscriptions of SCPIs under management fell by 51% to 95 million euros.
Assets under management fell by 1% to around 3 billion euros as of December 31, 2023. Net reconstitution assets (EPRA) fell by 11% to 113.3 euros per share.
The debt ratio (LTV) increased to 28% compared to 22% as of December 31, 2022.
The board of directors is proposing a dividend of 1.5 euros per share payable in cash for the 2023 financial year compared to 3 euros for 2022.
This year, the group specializing in property management “will continue to diversify its revenues by increasing the share of recurring cash flows from management fees while maintaining strict cost discipline in order to achieve continuous margin improvement “.
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A demand crisis
According to data from the Federation of Real Estate Developers (FPI), the figures for the third quarter of 2022 continue to be alarming. Sales of new collective housing fell by 12.4% over one year, to 19,006 units. Over the first nine months of 2022, the drop reached 10.2%, to 72,670 units.
Reservations are also plummeting due to the collapse of block sales to social landlords and institutional investors. With interest rates rising, institutional investors are renegotiating or halting operations. First-time buyers are penalized by the rise in rates and the tightening of the Pinel system puts off certain private investors.
Due to the sharp rise in construction costs, the FPI estimates that one in six authorized operations is ultimately not carried out for economic reasons.
Faced with this, prices are still rising: the sales prices of new collective housing increased by 5.9% across France in the third quarter of 2022. Ile-de-France is an exception, with a decrease of 0. 9%.