SFL – First-Quarter 2017 Financial Information
April 12 2017 - 12:51PM
Business Wire
Rental income: €49.0 million, up 4.1% on a comparable
portfolio basis
Regulatory News:
SFL (Paris:FLY):
Consolidated
revenue by business segment (€000's)
Q1 2017 Q1 2016 Rental
income 48,969 48,647 o/w
Paris Central Business District 38,021 37,398 Paris Other 6,963
6,886 Western Crescent 3,986 4,363
Other revenue 0 0
Total consolidated revenue
48,969 48,647
SFL's consolidated rental income rose by 0.7%
to €49.0 million in first-quarter 2017 from €48.6 million in
the same period of 2016:
- On a comparable portfolio basis, rental
income grew by €1.8 million (up 4.1%). The increase was
attributable to leases signed during 2016, mainly concerning the
#cloud.paris and Washington Plaza buildings.
- Changes in assets under redevelopment
between the two periods had a €2.0 million negative impact on
rental income, with several floors of offices in the Cézanne
Saint-Honoré complex and other properties taken off the market for
extensive renovation after tenants moved out in 2016.
- Lastly, in first-quarter 2017 SFL
received a lease termination penalty from a tenant representing net
income of €0.5 million.
During first-quarter 2017, leases were signed on over 6,000
sq.m. Office space accounted for half of the total, including two
leases on over 1,000 sq.m. in the 103 Grenelle and Cézanne
Saint-Honoré buildings. The average nominal rent for the new office
leases was €714 per sq.m. and the effective rent was €612 per
sq.m.
The occupancy rate for revenue-generating buildings remained
high, at 94.4% as of 31 March 2017 versus 97.0% as of 31 December
2016, while the EPRA vacancy rate stood at 4.8%.
On 13 January 2017, SFL entered into a €165-million deal to
acquire SMA's historical headquarters building in the 15th
arrondissement of Paris. The 21,000-sq.m. property will be
redeveloped to create a major new business centre in the west of
the capital. Contracts will be exchanged when SMA moves to its new
headquarters in the fourth quarter of 2017 (for more details, see
the press release dated 16 January 2017).
No properties were divested during the first quarter of
2017.
SFL's consolidated net debt at 31 March 2017 remained stable at
€1,920 million compared to €1,931 million at 31 December 2016.
This represented a loan-to-value ratio of 31.5% based on the
portfolio's appraisal value at 31 December 2016.
At 31 March, 2017, SFL also had €510 million in undrawn 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 €5.7 billion and is
concentrated on the Central Business District of Paris
(#cloud.paris, 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/20170412005942/en/
SFLThomas Fareng, Phone +33 (0)1 42 97 27
00t.fareng@fonciere-lyonnaise.com
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