SFL – First-Quarter 2018 Financial Information
April 12 2018 - 12:11PM
Business Wire
Rental income: €48.0 million, up 5.6% on a comparable
portfolio basis
Regulatory News:
SFL (Paris:FLY):
Consolidated revenue by business segment
(€000's)
Q1 2018 Q1
2017 Rental income 48,025
48,969 o/w Paris Central Business District 39,835
38,021 Paris Other 7,437 6,963 Western Crescent
753 3,986 Other revenue 0 0
Total
consolidated revenue 48,025 48,969
First-quarter consolidated rental income amounted to €48.0
million, down by a modest €0.9 million or 1.9% from the €49.0
million reported for the same period of 2017. Like-for-like growth
went a long way towards offsetting the impact of the IN/OUT
property disposal:
- On a like-for-like basis (excluding all
changes in the portfolio affecting period-on-period comparisons),
rental income was €2.4 million higher, a 5.6% increase that was
attributable to new leases signed in 2017, mainly on offices in the
Washington Plaza, 103 Grenelle and 9 Percier buildings.
- The sale of the IN/OUT building on 29
September 2017 led to a €3.2 million decrease in rental income
compared with first-quarter 2017.
During first-quarter 2018, leases were signed on over 5,000
sq.m., including three office leases on over 1,000 sq.m. in the
Cézanne Saint-Honoré, Washington Plaza and Louvre Saint-Honoré
buildings. The average nominal rent for these new office leases is
€724 per sq.m. and the effective rent is €623 per sq.m.
The physical occupancy rate for revenue-generating buildings
remained high, at 96.6% as of 31 March 2018 versus 96.4% as of
31 December 2017, while the EPRA vacancy rate stood at 2.8%.
There were no property sales or acquisitions during the first
quarter of 2018.
SFL's consolidated net debt declined slightly to €1,605 million
at 31 March 2018 from €1,631 million at 31 December 2017. This
represented a loan-to-value ratio of 24.2% based on the portfolio's
appraisal value at 31 December 2017.
At 31 March 2018, SFL had €780 million in confirmed undrawn
lines of credit.
About SFL
Leader in the prime segment of the Parisian commercial real
estate market, Société Foncière Lyonnaise stands out for the
quality of its property portfolio, which is valued at
€6.2 billion and is focused 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. As France’s
oldest property company, SFL demonstrates year after year an
unwavering commitment to its strategy focused on creating a high
value in use for users and, ultimately, substantial appraisal
values for its properties.
Stock market: Euronext Paris Compartment A – Euronext Paris ISIN
FR0000033409 – Bloomberg: FLY FP – Reuters: FLYP PA
S&P rating: BBB+ stable outlook
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180412005984/en/
SFLThomas Fareng, +33 (0)1 42 97 27
00t.fareng@fonciere-lyonnaise.comorEvidenceGrégoire Silly,
+33 (0)6 99 10 78 99gregoire.silly@evidenceparis.fr
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