SFL – First Quarter 2015
April 21 2015 - 12:37PM
Business Wire
Regulatory News:
SFL (Paris:FLY):
Rental income: €40.4 million
(+10.9%)
Consolidated
revenue by business segment (€000’s)
31/03/15 31/03/14
Rental income 40,430 36,448 o/w
Paris Central Business District 32,158 30,462 Western Crescent
1,200 1,149 Other 7,072 4,837 Other
revenue 0 0
Total consolidated revenue
40,430 36,448
SFL's consolidated rental income rose by 10.9% to €40.4 million
on 31 March, 2015 versus €36.4 million on 31 March, 2014:
- On a comparable portfolio basis, rentals
increased by €2.9 million (+8.4%), mainly due to new leases signed
during 2014.- Rents on projects under development during the period
in question fell by €1.1 million.- Finally, the acquisition of the
Condorcet property in December 2014 generated a increase in rental
income of €2.2 million over the quarter.
SFL successfully leased almost 20,000 sq.m. of space during the
first quarter of 2015, notably 9,700 sq.m. of offices that were
pre-leased to Exane in the #cloud.paris building and 7,500 sq.m. in
131 Wagram under a new, 12-year, fixed-term lease with TV5 Monde.
These transactions result in a nominal rent for Parisian offices of
€650/sq.m. and a real rate of €550/sq.m.
The occupancy rate for revenue-generating buildings sits at
85.5% on 31 March, 2015 versus 87.1% on 31 December, 2013. The
In/Out building, for which the marketing process is ongoing,
accounts for 10.5% of portfolio vacancy.
Continued progress has been made on development projects
throughout the quarter. Notable projects include the building at 90
Champs-Elysées, which was delivered as expected on 31 March to its
principal tenant, and #cloud.paris on rue de Richelieu, which will
be delivered at the end of the year and one third of which is
already pre-leased.
There were no property sales or acquisitions during the first
quarter of 2015.
SFL's consolidated net debt on 31 March, 2015 remained stable at
€1,585 million compared to €1,572 million on 31 December, 2014.
This represents a loan-to-value ratio of 33.7%.
On 31 March, 2015, SFL had €595 million in undrawn lines of
credit.
ABOUT SFL:
Leader on the prime segment of the Parisian tertiary real
estate market, the Société Foncière Lyonnaise stands out for the
quality of its property portfolio, which is valued at 4.5 billion
euros and is concentrated on the Central Business District of Paris
(Louvre Saint-Honoré, Edouard VII, Washington Plaza, etc.), and for
the quality of its client portfolio, which is composed of
prestigious companies in the consulting, media, digital, luxury,
finance and insurance sectors.
STOCK MARKET:Euronext Paris Compartment A – Euronext
Paris ISIN FR0000033409 – Bloomberg: FLY FP – Reuters: FLYP
PA
S&P RATING: BBB- Stable outlook
www.fonciere-lyonnaise.com
SFLThomas Fareng, Phone: + 33 (0)1 42 97 01
51t.fareng@fonciere-lyonnaise.com
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