AFFINE (EPA:IML) 1Q13 - Slight increase in rents on like-for-like basis

Transparency directive : regulatory news

22/04/2013 18:00

22 April 2013, 06:00 p.m.

                     Quarterly information as at 31 March 2013

                SLIGHT INCREASE IN RENTS ON LIKE-FOR-LIKE BASIS

1) CONSOLIDATED REVENUE (THREE MONTHS)

(EURm)                                      Q1 2012     Q1 2013    CHANGE (%)

Rental income                                  11.4        10.0       -12.9%
Re-invoiced service charges and other           2.9         1.6
Total revenue investment properties            14.4        11.6       -19.3%
Finance leases                                  1.8         1.5
Property development                            1.1         0.5
Total consolidated revenues                    17.3        13.6       -21.5%

Rents posted a 0.6% growth on a like-for-like basis, with renegotiations more
than offset by the positive impact of indexing. After taking into account the
net impact of rents from properties sold, particularly the building on rue
Paul-Baudry, and 2012 investments, rents were consistent with the expected
level of EUR10.0m.

Revenues from investment properties stood at EUR11.6m, the decrease in rents
being exacerbated by a sharp drop in work-related recharges compared to
Q1 2012.

The other items record the margins on completion for Concerto European
Developer activity and the continued decline in the contribution from finance
leases.

Overall, Affine Group reported revenues of EUR13.6m for the first three months
of 2013.

Activity

In the first quarter, 7 new leases were signed and 2 were renewed, contributing
EUR0.4m to the total annual rent. No tenants gave notice of leaving.

Work on the building on rue Auber continued with the renovation of the interior
courtyard and the refurbishment of the lobby. This follows the renovation of
the facades and replacement of all the windows.

Affine continued to focus its portfolio with the disposal in the first quarter
of mature and small-sized properties for EUR2.6m: three office premises at
Croissy-Beaubourg, Montpellier and Plaisir, and the ongoing sales of apartments
in the residential property at Saint-Cloud. These disposals were made at prices
corresponding to the appraisals value at the end of December 2012.

2) FINANCIAL SITUATION AS AT 31 MARCH

The Group's financial structure has not significantly changed compared to 31
December 2012.

3) OUTLOOK

With the real economy failing to recover, Affine's goal is to improve its
rental situation. However, the reduction in vacancies is moving at a slower
pace than expected.

The Group's streamlining, primarily reflected in reduced management costs and a
stronger financial structure, gives it greater flexibility to capture
investment opportunities in Paris or major regional cities while maintaining
prudent debt management.

4) AGENDA

* 06 May 2013: Dividend payments
* 30 July 2013: Half-year revenues and earnings
* November 2013: 3rd quarter revenues
* February 2014: 2013 annual revenues and earnings

About Affine Group

Affine is a property company specializing in commercial property. At the end of
2012, Affine owned and operated, 63 properties worth EUR580m, with a total
surface area of 506,000 sqm. The firm owns office properties (59%), retail
properties (14%) and warehouses and industrial premises (26%). Its activity is
distributed more or less equally between Ile-de France and the other French
regions.

Affine is also the reference shareholder of Banimmo, a Belgian property
repositioning company with activities in Belgium and France. The firm owns 24
properties in office and retail properties worth EUR414m. Lastly, its
subsidiary Concerto European Developer is specialized in logistics development.

The Group's overall property holdings amount to EUR1,021m.

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). It is included in the CAC Mid&Small, SIIC IEIF
and EPRA indexes. Banimmo is also listed on NYSE Euronext. www.affine.fr

CONTACT
INVESTOR RELATIONS         PRESS RELATIONS
Frank Lutz                 Watchowah - Cyril Levy-Pey
+33 (0)1 44 90 43 53 -     +33 (0)6 08 46 41 41 -
frank.lutz@affine.fr       levy-pey@watchowah.com

  SOCIÉTÉ ANONYME WITH A SHARE CAPITAL 53,300,000 EUROS - REGISTERED OFFICE :
                        5 RUE SAINT-GEORGES, 75009 PARIS
      TEL: 01 44 90 43 00 - FAX: 01 44 90 48 00 - EMAIL: INFOOAFFINE.FR
              PARIS TRADE AND COMPANIES REGISTER NO. 712048735 -
                     INTRA-COMMUNITY VAT NO. FR92712048735

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AFFINE (EPA:IML) 1Q13 - Slight increase in rents on like-for-like basis

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