AFFINE (EPA:IML) 1Q14 - Sustained growth in gross rental income

Transparency directive : regulatory news

23/04/2014 18:00

Paris, 23 April 2014, 6.00 p.m.

                    Quarterly information as at 31 March 2014

                     SUSTAINED GROWTH IN GROSS RENTAL INCOME

1) CONSOLIDATED REVENUE (THREE MONTHS) (1)

(EURm)                      Q12013      Q12014     Change

Gross rental income           10.0        11.1     +11.7%
Re-invoiced service
charges and other              1.6         4.0
Total revenue investment
properties                    11.6        15.1     +30.7%
Finance leases                 1.5         1.3
Property development           0.5         0.0
Total consolidated revenue    13.6        16.5     +21.3%

(1) Since the end of December 2013, Jardins des Quais (wholly-owned) has been
consolidated through global integration.

Rents showed a marked increase of 11.7% in the first quarter of 2014 in
comparison with the previous year, thanks in large part to the acquisition of
Jardins des Quais at the end of 2013. Like-for-like, rents are down by 1.7% as
the new leases that have been signed only partly compensate for those that have
ended or been renegotiated.

Revenue from investment properties was EUR15.1m; the apparent increase in
re-invoiced service charges is explained by the impact of the new information
system implemented in 2013, which resulted in a delay in re-invoicing service
charges during the 1st quarter.

Overall, Affine Group achieved revenues of EUR16.5m over the first three months
of 2014, an increase of 21.3%.

2) ACTIVITY

In the first quarter, 4 new leases were signed and 9 were renewed, contributing
to a total annual rent of EUR1.7m. Furthermore, 6 tenants notified the company
of their wish to end their leases, worth a total of EUR0.7m annually.

Rationalizing the portfolio has been continued with the sale of an office space
in Bron, France, for a price that corresponded to the valuation carried out at
the end of 2013.

3) FINANCIAL SITUATION

The Group's financial structure has not significantly changed compared to 31
December 2013.

4) OUTLOOK

Following the acquisition of Jardins des Quais in Bordeaux in December 2013,
the company has actively resumed investment as part of a strategy to achieve
balanced development between the Paris area and other large cities. This policy
of selective investment, which in certain cases is implemented in partnerships,
aims to restore rents to the volume of previous years while at the same time
maintaining LTV at a prudent level.

5) AGENDA

* 30 April 2014: Annual General Meeting
* 12 May 2014: Dividend payment (EUR0.90)
* 31 July 2014: 2014 half-year revenues and earnings
* 22 October 2014: Third quarter revenues

ABOUT AFFINE GROUP

Affine is a property company specializing in commercial property. At the end of
2013 it owned 60 buildings with a total value of EUR627m, inclusive of taxes,
spread over a total floor area of 549,000 sqm. The company owns office
properties (54%), retail properties (21%), warehouses and industrial premises
(25%). Its assets are evenly divided between Ile-de-France (Paris region) and
other French regions.

Affine is also the reference shareholder (49.5%) of Banimmo, a Belgian property
repositioning company with operations in Belgium and France. At the end of 2013,
Banimmo had total assets of 19 office and commercial buildings, with a value of
EUR367m. Finally, it also has a 99.9%-owned subsidiary, Concerto European
Developer, specializing in logistics development operations.

Assets of the companies part of the group amount to EUR993m.

In 2003, Affine adopted French real estate investment trusts (SIIC) status.
Affine shares are listed on NYSE Euronext Paris (Ticker: IML FP/ BTTP.PA;
ISIN: FR0000036105) and admitted to the deferred settlement service (long
only). It is represented in the CAC Mid&Small, SIIC IEIF and EPRA indices.
Banimmo is also listed on NYSE Euronext. www.affine.fr

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

Quarterly revenues - Q1 2014

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