(Boursier.com) — The rental income of Lyonnaise Land Company amounted to 204.5 ME as of December 31, 2022 (174.6 ME as of December 31, 2021), posting a strong increase of +29.9 ME (+17.1%). On a like-for-like basis (excluding all changes in scope impacting the two years compared), rents increased by +11.9 ME (+7.5%). Revenues from areas under development over the periods considered increased by +6.9 ME. Finally, the acquisition of the Pasteur building in April 2022 generates a significant increase in income, partially offset by the sale of the 112 Wagram and 9 Percier buildings in early 2021. These cumulative movements generate an overall increase in income of +11.2 ME over a year.
Operating income (restated for income from disposals and asset valuation) amounted to €171.8 million at December 31, 2022 (€134.2 million at December 31, 2021).
The valuation as of December 31, 2022 of the company’s assets, according to an expert, increased by +8.4%, and +2.3% at constant scope compared to the valuation of December 31, 2021. The change in value investment properties generated income of €38.6 million (€255.2 million at December 31, 2021).
Recurring net income, EPRA Group share amounted to €108 million as of December 31, 2022 (€92.4 million as of December 31, 2021). Consolidated net income, Group share at December 31, 2022 fell to €143.4 million (292 ME at December 31, 2021).
Despite the deterioration of the geopolitical and economic situation, and contrary to the trends observed on the other Ile-de-France markets, the Parisian tertiary property rental market was very active in 2022. Rental activity was sustained with in particular the pre-letting of 100% of the offices in the Biome building, and a historic physical occupancy rate of 99.5%.
SFL’s consolidated portfolio is valued at €8.246 billion in market value excluding duties as of December 31, 2022, up +8.4% compared to December 31, 2021 (€7.606 billion) in particular following the acquisition of the active Pastor. The increase was +2.3% on a like-for-like basis, driven in particular by assets under development. The average rental yield of the portfolio (EPRA “topped-up” NIY) is 3.1% as of December 31, 2022, up slightly over one year (2.9% as of December 31, 2021).
At December 31, 2022, the EPRA NTA Net Asset Value was 107.4 euros/share (4.603 billion euros, i.e. -0.5% over one year) and the EPRA NDV was 108.3 euros/share (4.644 billion euros i.e. +6.1% over one year), after paying out an exceptional dividend of 4.2 euros/share during the financial year.
Dividend
The Board of Directors has decided to propose to the next General Meeting, which will be held on April 13, a dividend of 4.2 euros per share.