SFL – Financial Information for the 3rd Quarter 2016
October 19 2016 - 12:29PM
Business Wire
Rental income up sharply by 21.4% to €150.1 million
Regulatory News:
SFL (Paris:FLY):
Consolidated
revenue by business segment (€000's)
2016(9 months) 2015(9
months) Rental income 150,139
123,679 o/w Paris Central Business District 114,003
99,061 Western Crescent 13,114 3,585 Other
23,022 21,034 Other revenue 0 0 Total
consolidated revenue 150,139 123,679
Rental income rose sharply by 21.4%, or €26.5 million, to €150.1
million in the nine months to 30 September 2016, compared with
€123.7 million in the same period in 2015.
- On a comparable portfolio basis, rental
income rose by €9.9 million (up 8.8%), due in particular to the
signature of a lease on the In/Out building which came into effect
on 1 September 2015.- Rental income from properties that were
undergoing renovation in the comparable period expanded by €13.6
million, corresponding mainly to rent on the #cloud.paris building
delivered in November 2015 and fully let.- The acquisition of the 9
Percier building in June 2015 generated a €0.7 million increase in
rental income in the first nine months of 2016.- In addition,
revenues were boosted by a €2.2 million lease termination penalty
paid by a former tenant of the 103 Grenelle building.
In a still highly selective rental market shaped by a relative
shortage of prime properties, SFL signed leases at favourable
conditions on some 23,000 sq.m. in the first nine months of 2016.
These office leases have an average nominal rent of €641 per sq.m.,
corresponding to an effective rent of €551 per sq.m. The average
incentive ratio is 14% and the average firm lease maturity is 5.9
years.
The occupancy rate for revenue-generating properties at 30
September 2016 was 97.7% versus 95.6% at 31 December 2015,
reflecting the outstanding attractiveness of the SFL portfolio.
There were no acquisitions or divestments during the t the first
nine months of 2016.
At 30 September 2016, SFL's consolidated net debt amounted to
€1,855 million, compared with €1,841 million at 31 December 2015,
representing a loan-to-value ratio of 31.6%. At that date, SFL also
had €560 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 €5.5 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
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161019006164/en/
SFLThomas Fareng, Phone +33 (0)1 42 97 01
51t.fareng@fonciere-lyonnaise.com
Fly Leasing (NYSE:FLY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Fly Leasing (NYSE:FLY)
Historical Stock Chart
From Apr 2023 to Apr 2024