AFFINE (EPA:IML) 3Q14 - Growth fuelled by acquisitions

Transparency directive : regulatory news

22/10/2014 18:00

Paris, 22 October 2014, 6.00 p.m.

                 Quarterly information as at 30 September 2014

                        GROWTH FUELLED BY ACQUISITIONS

1) CONSOLIDATED REVENUE (NINE MONTHS) (1)

(EURm)                                        9M 2013     9M 2014   Variation
Gross rental income                              29.7        33.2       11.8%
Re-invoiced service charges and other            11.7        11.8        1.5%
Total revenue investment properties              41.4        45.0        8.9%
Finance leases                                    4.4         3,9
Property development                              1.0         0.1
Total consolidated revenue                       46.7        49.0        4.9%

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

Rents showed a marked increase of 11.8% in the first nine months of 2014 in
comparison with the same period in the previous year, thanks in particular to
the increase in Affine equity investment in Jardins des Quais to 100% and the
initial leasing of logistic pltaforms completed by Concerto European Developer.
On a like-for-like basis, rents decreased by 1.5%.

Revenue from investment properties was EUR45.0m; the apparent stability in
re-billed expenses is explained by a lag in recognitions of charges between the
two periods.

Overall, Affine Group achieved revenues of EUR49.0m during the period.

2) ACTIVITY

In the third quarter, 4 new leases were signed and 6 were renewed, contributing
to a total annual rent of EUR0.7m. Furthermore, 7 tenants notified their
decision 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 Saint-Cloud, an office building and a hotel in Bretigny-sur-Orge, a warehouse
in Chevigny-Saint-Sauveur and the first apartments from the partial reconversion
into residential of an office building on Rue Réaumur in Paris. Overall, the
prices of disposals correspond to the appraisal value at the end of June 2014.

3) FINANCIAL SITUATION

The Group's financial structure has not significantly changed compared to
30 June 2014.

4) OUTLOOK

With July's agreement for the acquisition of an office building in the
Borderouge district of Toulouse for EUR7.9m, and while other acquisitions are
being finalised, the group is continuing its strategy of balanced development
between Paris/Paris region and the six major regional 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. In addition, the group confirms its
intention to propose a dividend of EUR1 per share for financial year 2014.

5) AGENDA

* 4 March 2015: 2014 annual revenues and earnings (after close of trading)
* April 2015: First-quarter revenues (after close of trading)
* 30 April 2015: Annual General Meeting
* May 2015: Dividend payment
* 29 July 2015: 2015 half-year revenues and earnings (after close of trading)

CONSOLIDATED REVENUE (THREE MONTHS) (1)

(EURm)                                     Q3 2013     Q3 2014   Variation
Gross rental income                           10.2        10.7        4.3%
Re-invoiced service charges and other          4.4         3.8      -11.7%
Total revenue investment properties           14.6        14.5       -0.5%
Finance leases                                 1.4         1.3
Property development                           0.1         0.0
Total consolidated revenue                    16.1        15.8       -1.5%

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

ABOUT THE AFFINE GROUP

Affine is a real estate company specialised in commercial property. At the end
of June 2014, it directly owned 58 buildings with a total value of EUR583m,
excluding taxes, for a total floor area of 540,200 sqm. The company owns office
properties (52%), retail properties (22%), warehouses and industrial premises
(25%). Its assets are fairly evenly divided between Ile-de- France (Paris
region) and other French regions.

Affine is also the major shareholder (49.5%) of Banimmo, a Belgian property
repositioning company with operations in Belgium and France. At the end of June
2014, Banimmo had total assets of 19 office and commercial buildings, with a
value of EUR355m (taxes included). Finally, the Group also has a 99.6 %-owned
subsidiary, Concerto European Developer, which specialises in logistics
development.

Total Group assets are EUR973m (taxes included).

In 2003, Affine opted for French real estate investment trust (SIIC) status.
Affine shares are listed on NYSE Euronext Paris (Ticker: IML FP / BTTP.PA; ISIN:
FR0000036105) and eligible for the Deferred Settlement Service (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
Frank Lutz
+33 (0)1 44 90 43 53 - frank.lutz@affine.fr

Quarterly revenues - Q3 2014

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