AFFINE (EPA:IML) 3Q15 - Stable rents since late 2014

Transparency directive : regulatory news

21/10/2015 18:00

Paris, 21 October 2015, 6:00 p.m.

              Quarterly information as at 30 September 2015

                      STABLE RENTS SINCE LATE 2014

1) GROSS RENTAL INCOME CHANGE QUARTER ON QUARTER

(EURm)                Q3 2014   Q4 2014   Q1 2015   Q2 2015   Q3 2015

Gross rental income      10.7      10.5      10.4      10.2      10.3
Quarterly change        -6.6%     -1.5%     -0.5%     -1.8%      0.6%

Quarterly gross rental incomes have been stable since late 2014, oscillating
between EUR10.2m and EUR10.5m. As expected, on a like-for-like basis the first
nine months fell by 5.6% (-5.2% at Q1 and -6.1% at H1), compared to the same
period in the previous year, owing mainly to the departure of two major tenants
in the buildings at Tremblay-en-France (Q1 2015) and Mer (Q4 2014), under the
process of being refurbished and relet. Taking into account the impact of
acquisitions, disposals and vacancies resulting from the ongoing restructuring
of the Tangram building in Lyons, rents declined by 6.6% in the first nine
months.

2) ACTIVITY

Over the quarter, Affine signed six new leases concerning a total surface area
of 2,200 sqm and total annual rents of EUR0.2m. In addition, six tenants
cancelled their leases or left their premises, representing a total surface area
of 3,400 sqm and annual rent of EUR0.7m. Lastly, three tenants renegotiated
their rents for an amount of EUR0.1m. Overall, the impact should be marginal
over the second half of 2015 and of approximately -EUR0.4m in 2016.

The portfolio turnover rate, aiming at the renewal and improvement of the
portfolio, continued with the disposal of office premises in Paris in the
building located on Rue Réaumur, of the remaining offices at Bron and a
warehouse at Buchères near Troyes. Overall, the disposal prices were the
appraised values at the end of June 2015.

3) FINANCIAL SITUATION

The financial structure has not significantly changed compared to 30 June 2015.
There was no financing or refinancing during the quarter.

4) OUTLOOK

With the completion in July of the "sale before completion" acquisition (VEFA)
of an office building for EUR8.0m in Clichy-la-Garenne, in the new Clichy-
Batignolles business district at the limit of Paris, and with other acquisitions
still in progress, the Group continues its strategy to balance development
between Paris Metropole and six main regional urban areas (Bordeaux, Lille,
Lyons, Marseilles, Nantes and Toulouse). This strategy is also pursued in the
progressive disposal of buildings located outside of these areas or dedicated to
logistics, which should continue in 2016.

The aim of this selective investment policy, possibly in partnerships, which may
be accompanied by opportunistic property investments, is to restore the volume
of rents of previous years while maintaining the LTV at a prudent level.
Moreover, the Group confirms its intention to offer a dividend of EUR1 per share
for the 2015 financial year.

5) CALENDAR

* 25 February 2016: 2015 annual revenues and earnings (after market)
* 20 April 2016: First-quarter revenues (after market)
* 28 April 2016: Annual General Meeting
* May 2016: Dividend payment
* 27 July 2016: 2016 half-year revenues and earnings (after market)

CONSOLIDATED REVENUES (NINE-MONTH)

(EURm)                     9M 2014   9M 2015    Change
Gross rental income           33.2      31.0     -6.6%

CONSOLIDATED REVENUES (THREE-MONTH)
(EURm)                     Q3 2014   Q3 2015    Change
Gross rental income           10.7      10.3     -3.2%

ABOUT AFFINE GROUP

Affine is a real estate company specialised in commercial property. At the end
of June 2015, it directly owned 55 buildings with a total value of EUR570m,
excluding taxes, for a total floor area of 528,500 sqm. The firm owns office
properties (53%), retail properties (22%) and warehouses and industrial premises
(25%). Its assets are distributed more or less equally between Ile-de France and
the 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
2015, Banimmo had total assets of 21 office and commercial buildings, with a
value of EUR384m (taxes included).

Total Group assets are EUR988m (including transfer taxes).

In 2003, Affine opted for French real estate investment trust (SIIC) status.
Affine's shares are listed on NYSE Euronext Paris (ticker: IML FP/BTTP.PA; ISIN
code: FR0000036105) and admitted to 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.

To find out more: www.affine.fr.
Follow our news thread on: https://twitter.com/Groupe_Affine

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

PRESS RELATIONS
RPpublics - Alexandra Richert
+33 (0)1 45 23 55 01 - alexandra.richert@rppublics.com

Quarterly revenues - Q3 2015

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