SFL – First-Quarter 2016
April 13 2016 - 12:50PM
Business Wire
Rental income: €48.6 million (+20.3%)
Regulatory News:
SFL (Paris:FLY):
Consolidated
revenue by business segment (€000's)
Q1 2016 Q1 2015 Rental
income 48,647 40,430 o/w
Paris Central Business District 37,398 32,158 Paris Other 6,886
7,072 Western Crescent 4,363 1,200
Other revenue 0 0 Total consolidated revenue
48,647 40,430
SFL's consolidated rental income rose by 20.3% to €48.6 million
in first-quarter 2016 versus €40.4 million in first-quarter
2015:
- On a comparable portfolio basis, rental
income increased by €3.0 million (+7.8%), mainly due to new leases
signed during 2015, including the lease with the OECD on the entire
In/Out building in Boulogne.
- Changes in assets under redevelopment led
to an additional €4.7 million in rental income compared to
first-quarter 2015, derived mainly from the #cloud.paris building
delivered in November 2015.
- Lastly, the acquisition of the Percier
property in June 2015 generated an increase in rental income of
€0.4 million compared to first-quarter 2015.
During first-quarter 2016, SFL signed leases on over 9,000
sq.m., including 3,000 sq.m. of office space in the #cloud.paris
building which is now fully leased, and two other leases on more
than 1,000-sq.m. units in 103 Grenelle and Washington Plaza. The
average nominal rent for these office leases stands at €635/sq.m.
and the effective rent at €552/sq.m.
The occupancy rate for revenue-generating buildings rose to
97.3% at 31 March 2016 from 95.6% at 31 December 2015, reflecting
the outstanding attractiveness of SFL's portfolio.
There were no acquisitions or divestments during the first
quarter of 2016.
SFL's consolidated net debt at 31 March 2016 remained stable at
€1,831 million compared to €1,841 million at 31 December 2015.
This represents a loan-to-value ratio of 33.2% based on the
portfolio's appraisal value at 31 December 2015.
At 31 March 2016, SFL had €620 million in undrawn back-up lines
of credit.
About SFL
Leader on the prime segment of the Parisian tertiary real estate
market, Société Foncière Lyonnaise stands out for the quality of
its property portfolio, which is valued at €5.2 billion 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
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version on businesswire.com: http://www.businesswire.com/news/home/20160413006318/en/
SFLThomas Fareng, Phone +33 (0)1 42 97 01
51t.fareng@fonciere-lyonnaise.com
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