Mercialys - Decent Q3 showing declining exposure to Casino
Rents stood at EUR 132.6m, up 2.3% YoY. On a LfL basis, invoiced rents were up 4% YoY, primarily driven by indexation.Economic exposure to Casino drops to 17.5% from 18.3% following the transfer of two Casino stores partly owned by Mercialys to Intermarché. FFO per share guidance reiterated (+2% YoY, or EUR 1.15, DPe EUR 1.15) and a dividend of 85-95% of the FFO.‘Buy' reiterated on a decent update, further supported by the undemanding multiples vs peers.Mercialys is a real estate company, specialized in the transformation and management of shopping centers. Co. manages a portfolio of 91 properties located throughout France at Dec 31, 2013. Co.'s assets are classified into three categories: large regional shopping centers (GLA of over 365,800 sq. m.), neighborhood shopping centers (GLA of over 181,600 sq. m.), and Other assets (40,900 sq. m.). At Dec. 31, 2013, the portfolio comprised 25 large regional shopping centers, 36 neighborhood shopping centers, and 18 other sites such as food stores, specialty stores, independent cafeterias, service malls, and convenience stores, representing a total gross leasable area of about 588,300 sq. m.
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