SFL – Third Quarter 2014
October 20 2014 - 1:30PM
Business Wire
Rental income: €112.7 million (+3.4% on a comparable
portfolio basis)
Regulatory News:
SFL (Paris:FLY):
Consolidated
revenue by business segment (€000’s)
30/09/14 30/09/13 Rental
income 112,741 111,998 o/w
Paris Central Business District 94,638 92,080 Western Crescent
3,553 4,064 Other 14,550 15,854 Other
revenue 0 28 Total consolidated revenue
112,741 112,026
SFL's rental income increased slightly to €112.7 million on 30
September 2014, versus €112.0 million on 30 September 2013:
- On a comparable portfolio basis, rental
incomes increased by €3.5 million (+3.4%) due, primarily, to new
leases signed during 2013 and in 2014.
- Projects under development during the
period in question showed an overall decline in income of €3.1
million.
- The sale of the Mandarin Oriental in
February 2013 resulted in a €1.2 million decline in rental income
in 2014. On the other hand, the collection of a penalty payment for
the early termination of a lease at Washington Plaza generated a
revenue of €1.5 million in 2014.
SFL successfully leased around 30,000 sq.m. of space during the
first nine months of 2014, including 7,500 sq.m. of offices in the
Louvre Saint-Honoré building that were leased to the Fast Retailing
group during the third quarter (see the press release of 29
September 2014). The nominal rent for office leases in 2014 stands
at €650/sq.m. and the real rate at €558/sq.m.
The occupancy rate for revenue-generating buildings improved to
86.1% on 30 September 2014, versus 82.0% on 31 December 2013. The
In / Out building, for which the marketing process is still
ongoing, accounts for 11.7% of portfolio vacancy.
Progress on development projects has continued throughout the
period, notably on the #cloud.paris building on the rue de
Richelieu and on the building at 90 Champs-Elysées. It should be
noted that the new 57-bed Hotel Indigo within the Carré Edouard VII
complex has been delivered and has just been inaugurated (see the
press release of 10 October 2014).
During the third quarter of 2014, SFL sold its 29.6% stake in
the capital of SIIC de Paris at a price of €23.88 per share, which
is a total of €304.9 million. This stake had been acquired in
December 2010 at a price of €18.48 per share, which is a total of
€236.0 million.
There were no acquisitions during the third quarter of 2014.
SFL's consolidated net debt fell as a result of the sale of its
stake in the SIIC de Paris. On 30 September 2014, it stood at
€1,253 million compared to €1,457 million on 31 December 2013 and
was equivalent to 29.2% of the value of the portfolio. On 30
September 2014, SFL had €850 million in undrawn confirmed 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 4.1 million
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
SFLNicolas ReynaudPhone: + 33 (0)1 42 97 01
28n.reynaud@fonciere-lyonnaise.com
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