AFFINE (EPA:IML) Affine - 1Q12 - 2.8% growth in rents on a like-for-like basis

Transparency directive : regulatory news

03/05/2012 18:00

Paris, 3 May 2012, 6:00 p.m.

                    Quarterly information as at 31 March 2012

                  2.8% GROWTH IN RENTS ON A LIKE-FOR-LIKE BASIS

1) PRO FORMA CONSOLIDATED REVENUE (THREE MONTHS)*

(EURm)                              3M 2011  3M 2012  CHANGE (%)
Rental income                         11.4     11.4     0.5%
Re-invoiced charges and other          2.8      2.9     5.7%
Total revenue investment properties   14.1     14.4     1.6%
Finance lease                          3.5      1.8
Property development                   0.4      1.1
Total consolidated revenue            18.0     17.3    -3.6%

* Since 1 October 2011, the Banimmo sub-group, as well as Jardins des Quais,
have been consolidated at Affine using the equity method. These companies
therefore are not included in published revenue. So as to allow for the
comparability of two years, the revenue for the first quarter of 2011 is
presented on a pro forma basis.

On a like-for-like basis, the rents grew by +2.8%, benefitting from the
reduction in vacancy recorded mainly in the second half of 2011 and from the
positive effect of indexation. After allowing for the net impact on rents of
disposals, acquisitions and the expansion of the Arcachon site acquired in
anticipation of completion, the rents remain stable at EUR11.4m.

The revenue for investment properties amounts to EUR14.4m, up 1.6% due to a
more effective re-billing of rental expenses.

The other items reflect the strategy to refocus on the property business with
the continued decline in revenue from finance lease activities (EUR-1.6m). Real
estate development reflects the sale of one of the latest residual
transactions.

Overall, the Affine Group has posted, during the first three months of 2012,
revenue of EUR17.3m, down 3.6% compared to the same period in 2011 (on a pro
forma basis).

Business activity

In the first quarter, 13 new leases were signed and 2 were renewed,
contributing to the total annual rent of EUR0.5m. Furthermore, 4 tenants,
representing a total annual rent of EUR0.5m have given notice of their
departure.

Following its eco-renovation, the Tour Traversière, fully leased to SNCF until
2021, was given the BREEAM label. Continuing with this raising of standards,
work complying with regulations for disabled persons is currently underway.

On 24 March, Affine was alongside the Mayor of Arcachon and Eiffage (developer
and builder of the site), to inaugurate the Arcachon municipal market, which
marks the end of the restructuring of the new town centre for which the Group
has invested in 2,400 sqm of ground-floor retail premises (more information in
the press release dated 23 March available at www.affine.fr).

Affine continued to streamline its portfolio with the disposal in the first
quarter of EUR2.2m mature and small-sized properties: an office building in
Toulouse, some business premises in Lezennes and the continued sale of the
apartments of the residential building in Saint-Cloud. These disposals were
made on average at prices corresponding to the appraisals carried out at the
end of December 2011.

2) FINANCIAL SITUATION AS AT 31 MARCH

The Group's financial structure has not significantly changed compared to
31 December 2011.

3) OUTLOOK

The uncertainties that weigh on the world economy, both in terms of growth and
the capabilities of the financial system, confirm the careful choice made by
Affine in its development.

Affine's priorities in 2012 focus on reducing vacancy, the continued
optimisation of rental management, particularly through improving the Group's
internal procedures, and completing the 2012 refinancing programme, which is
already more than 90% complete.

Continuing with non-strategic asset disposals will strengthen the financial
structure, while the group will endeavour, depending on the opportunities, to
continue its investments.

5) SCHEDULE

* 15 May 2012: Dividend payment
* 26 July 2012: 2012 Half-year revenues and results
* November 2012: Third quarter revenues
* February 2013: 2012 full-year revenues and results

About Affine

A property company specializing in commercial real estate, Affine and its
subsidiary AffiParis own and manage directly 70 properties worth EUR709m, with
a total surface area of 556,000 sqm. The firm mostly owns office properties
(60%), retail properties (11%) and warehouses (27%). Its activity is
distributed more or less equally between Ile-de France and the other French
regions.

Affine is the reference shareholder of Banimmo, a Belgian property
repositioning company with a presence in Belgium, France and Luxembourg, and of
Concerto European Developer, a subsidiary specializing in managing development
transactions in logistics properties.

In 2003, Affine opted for the tax treatment applicable to French real estate
investment trusts (SIIC). The Affine share is listed on NYSE Euronext Paris
(Ticker: IML FP/BTTP.PA; ISIN code: FR0000036105) and admitted to the deferred
settlement system (long only). The Affine share is included in the CAC
Mid&Small, SIIC IEIF and EPRA indices. AffiParis and Banimmo are also listed on
NYSE Euronext. www.affine.fr

Contact
INVESTOR RELATIONS       PRESS RELATIONS
Frank Lutz               Citigate Dewe Rogerson - Agnès Villeret
+33 (0)1 44 90 43 53 -   +33 (0)1 53 32 78 95 -
frank.lutz@affine.fr     agnes.villeret@citigate.fr

   SOCIÉTÉ ANONYME WITH A SHARE CAPITAL OF EUR53,100,000 - REGISTERED OFFICE:
                        5 RUE SAINT-GEORGES, 75009 PARIS
      TEL.: 01 44 90 43 00 - FAx: 01 44 90 01 48 - EMAIL: INFO@AFFINE.FR
     PARIS TRADE AND COMPANIES REGISTER NO. 712 048 735 - INTRA-COMMUNITY
                             VAT NO. FR92712048735

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AFFINE (EPA:IML) Affine - 1Q12 - 2.8% growth in rents on a like-for-like basis

Transparency directive : regulatory news

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