Patrimoine & Commerce reported 'solid' results for its 2022 financial year on Wednesday, both operationally and financially, a performance that will enable it to raise its dividend.

The company, which operates a portfolio of real estate assets, mainly in the retail sector, generated recurring net income of 29.3 million euros last year, compared with 26.7 million in 2021.

Taking into account the share of companies accounted for by the equity method, net income attributable to equity holders of the parent came to 47.8 million euros, up 51.7% on the previous year.

In its press release, Patrimoine & Commerce reports sustained rental activity, with 55 leases signed, including 21 renewals.

The occupancy rate improved to 94.3%, while the rental and expense recovery rate reached 98.1%.

In light of this performance, the Group plans to propose a dividend of 1.30 euros per share to its shareholders, up 4% on the previous year.

This coupon represents a yield of 4.6% on the net asset value (NAV) at December 31, 2022, and 7.9% on the current share price.

At December 31, the appraised value of the portfolio stood at 841.3 million euros, an increase of 4.3% compared with December 31, 2021.

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