AFFINE (EPA:IML) 1Q16 - Resumed growth in rental income

Transparency directive : regulatory news

20/04/2016 18:00

Paris, 20 April 2016, 6:00 pm

                 Quarterly information as at 31 March 2016

                      RESUMED GROWTH IN RENTAL INCOME

1) GROSS RENTAL INCOME CHANGE QUARTER ON QUARTER

(EURm)                Q1 2015    Q2 2015   Q3 2015    Q4 2015   Q1 2016
Gross rental income      10.4       10.2      10.3        8.0       8.6
Quarterly change        -0.5%      -1.8%      0.6%     -22.2%      6.9%

At the first quarter of 2016, gross rental income recorded a rise of 6.9% on the
previous quarter, mainly as a result of the December acquisition of the Chaville
office building (92).

As compared with the same period of last year and on a  like-for-like  basis,
gross  rental  income  is   down 1.4 % for the first three months of 2016 due to
the departure of the tenant of the warehouse situated in Miramas, negotiated as
part of the sale made in April. In considering the impact of the sale of the
logistic portfolio (EUR6.6m in rental income on a full year basis) closed in the
second half of 2015, gross rental income is down by 17.8 %.

2) ACTIVITY

In the first quarter, 10 new leases were signed and 7 were renewed, contributing
to the total annual rent by EUR0.5m and EUR0.2m. Furthermore, 6 tenants
notified the company of their wish to end their leases, for a total of EUR0.1m
annually.

The portfolio turnover rate, for renewal and improvement of the portfolio,
continued with the disposal of an office building in Aix-en-Provence at a price
that equates to its fair value at end 2015.

3) FINANCIAL SITUATION

The financial structure has not significantly changed compared to 31 December
2015. There was no financing or refinancing during the quarter.

4) OUTLOOK

The Group continues its strategy to renew and rationalise the portfolio under
the scope of the balanced development between Paris Métropole and the six main
regional urban areas (Bordeaux, Lille, Lyons, Marseilles, Nantes and Toulouse),
in a highly- competitive context. Negotiations are at an advanced stage for 3
projects, of which 2 off-plan sales agreements, with a view to restoring the
volume of rents of previous years while maintaining the LTV at a prudent level.

Banimmo continues to reorganise its portfolio in Belgium by selling off mature
assets and is involved in the financial reorganisation currently underway in the
company Urbanove to ensure the pursuit of its shopping centre projects in
Verviers and Namur; it has confirmed its position in France, in city centre
shopping malls.

The Group confirms its intention to offer a dividend of EUR1 per share for the
2016 financial year.

5) CALENDAR

* 28 April 2016: Annual General Meeting

* 06 May 2015: Dividend payment (EUR1.0*)

* 28 July 2016: 2016 half-year revenues and earnings

* 19 October 2016: Third quarter revenues

(*) Will be submitted to the vote of the General Meeting of 28 April 2016

CONSOLIDATED REVENUE (THREE MONTHS)
(EURm)                           Q1 2015     Q1 2016     Change
Gross rental income              10.2            8.6     -17.8%

ABOUT AFFINE GROUP

Affine is a real estate company specialised in commercial property. At the end
of 2015, it directly owned 47 buildings with a total value of EUR514m, excluding
transfer taxes, for a total floor area of 372,800 sqm. The firm owns office
properties (62%), retail properties (24%) and warehouses and industrial premises
(14%). 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 2015,
Banimmo had total assets of 18 office and commercial buildings, with a value of
EUR350m (transfer taxes included).

Total Group assets are EUR897m (including transfer taxes).

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
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.

To find out more visit: www.affine.fr. Follow our news feed 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 - Q1 2016

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AFFINE (EPA:IML) 1Q16 - Resumed growth in rental income

Transparency directive : regulatory news

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