AFFINE (EPA:IML) 3Q13 - Rents down slightly like-for-like

Transparency directive : regulatory news

17/10/2013 18:00

Paris, 17 October 2012, 6:00 p.m.

                  Quarterly information as at 30 September 2013

                       RENTS DOWN SLIGHTLY LIKE-FOR-LIKE

1) CONSOLIDATED REVENUES (NINE MONTHS)(1)

(EURm)                                     9M 2012    9M 2013     Change

Gross rental income                           34.9       29.7     -14.8%
Re-invoiced service charges and other         11.9       11.7
Total revenue investment properties       46.8       41.4     -11.5%
Finance leases                                5.7        4.4
Property development                           2.3        1.0
Total consolidated revenues                   54.8       46.7     -14.7%

(1) Since 1 October 2011, the Banimmo sub-group and Jardins des Quais have been
consolidated within Affine using the equity method. As a result, these
companies are not included in the figure published for revenues.

Gross rental income are down 1.6 % on a like-for-like basis, mainly due to the
end of the rental guarantee on a retail complex in N?mes (which includes an
office building whose occupancy rate is gradually going up). The new leases
signed, combined with the indexing effects, virtually offset the departures and
renegotiations. After taking into account the net impact of rents on the
buildings sold, especially the one on rue Paul-Baudry in December 2012, and
rents from investments over the past year, rental income came in at the
expected level of EUR29.7m.

Revenues from Investment properties totalled EUR41.4m, with the contraction in
rents moderated by a more limited reduction in re-invoiced service charges
related to works.

The other items record the margin on completion for Concerto European Developer
business and the continued decline in the finance lease contribution.

Overall, the Affine group generated EUR46.7m in revenues during the first nine
months of 2013.

2) ACTIVITY

In the third quarter, 25 new leases were signed and 11 were renewed,
contributing EUR1.9m to the total figure for annual rental income. Furthermore,
the 10 tenants who gave notice of their departure represented a full year total
of EUR0.6m.

The portfolio streamlining operations have continued, with the third-quarter
sale of an office unit in Montpellier and the completion of the sale of
apartments in a residential building in Saint-Cloud.

These sales were made at prices in line with the appraisal values on end-June
2013.

3) FINANCIAL POSITION

The Group's financial structure has not changed significantly compared with
30 June 2013.

4) OUTLOOK

The Group is continuing to actively look into new investments, while ensuring
its balanced development between the Paris region and other major cities across
France. Alongside this, it is continuing to dispose of assets that are no
longer in line with the Group's strategy. This selective and cautious
investment policy aims to enable a return to the volume of rents recorded in
previous years, while ensuring a healthy debt structure.

5) CALENDAR

* 19 February 2014: 2013 full-year revenues and earnings
* April 2014: first-quarter revenues
* 30 April 2014: Annual General Meeting
* 31 July 2014: 2014 half-year revenues and earnings

CONSOLIDATED REVENUES (THREE MONTHS) (1)

(EURm)                                 Q3 2012    Q3 2013     Change

Gross rental income                       11.8       10.2     -13.1%
Re-invoiced service charges and other    6.1        4.4
Total revenue investment properties       17.9       14.6     -18.6%
Finance leases                             2.6        1.4
Property development                       0.8        0.1
Total consolidated revenues               21.3       16.1     -24.6%

(1) Since 1 October 2011, the Banimmo sub-group and Jardins des Quais have been
consolidated within Affine using the equity method. As a result, these
companies are not included in the figure published for revenues.

ABOUT AFFINE GROUP

Affine is a property company specializing in commercial property. At the end of
June 2013 Affine owned 60 buildings with a total value of EUR571m inclusive of
taxes, and a total surface area of 504,000 sqm. The company owns office
properties (60%), 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, and of which
Affine holds 49.5%. The firm owns 21 properties in office and retail properties
worth EUR396m. The two companies jointly own the Jardins des Quays in Bordeaux.
Finally, It also has a 99.9%-owned subsidiary Concerto European Developer
specializing in logistics development operations.

Total Group assets are EUR994m.

In 2003, Affine opted for the French real estate investment trusts (SIIC)
status. 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 Brussels. www.affine.fr

CONTACT

INVESTOR RELATIONS
Frank Lutz
+33 (0)1 44 90 43 53 - frank.lutz@affine.fr

PRESS RELATIONS
Watchowah - Didier Laurens
+33 (0)6 85 38 03 62 - didier.laurens@watchowah.co

Quarterly revenues - Q3 2013

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AFFINE (EPA:IML) 3Q13 - Rents down slightly like-for-like

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