AFFINE (EPA:IML) 3Q16 - Continued growth in rental income

Transparency directive : regulatory news

19/10/2016 18:00

Paris, 19 October 2016, 6:00 pm

                 Quarterly information as at 30 September 2016

                       CONTINUED GROWTH IN RENTAL INCOME

1) GROSS RENTAL INCOME CHANGE QUARTER ON QUARTER

(EURm)                 Q3 2015   Q4 2015   Q1 2016   Q2 2016   Q3 2016

Gross rental income      10.3       8.0       8.6       8.6       8.8
Quarterly change         0.6%    -22.2%      6.9%      0.1%      2.4%

Over the quarter, rents grew by 2.4% firstly owing to the completion of the
building located in Clichy and the acquisition of four additional floors in the
Lilleurope tower and secondly the 1.3% increase like-for-like, thanks to the
reduction in vacancy and renegotiations.

2) ACTIVITY

Over the quarter, Affine signed 10 new leases concerning a total surface area
of 4,800 sqm and total annual rents of EUR0.6m. on the other side, 6 tenants
cancelled their leases or left their premises, representing a total surface
area of 900 sqm and annual rent of EUR0.2m. Lastly, 9 tenants renegotiated
their rents amounting to EUR0.9m. Overall, the impact should be marginal over
the second half of 2016 and approximately +EUR0.4m in 2017.

There were no sales during the quarter. The sales programme planned for the
year is being implemented in a satisfactory manner.

3) FINANCIAL SITUATION

The financial structure has not significantly changed compared to 30 June 2016.
During the period, Affine arranged the financing for the acquisition of four
additional floors in the Lilleurope tower in Lille and the refinancing of
Tangram, an office building located in Lyon Part-Dieu.

4) OUTLOOK

Affine continues its strategy to rejuvenate and streamline the portfolio under
the scope of the balanced development between Paris Métropole and six main
regional cities (Bordeaux, Lille, Lyon, Marseilles, Nantes and Toulouse), in a
highly-competitive context.

In the last 18 months, the volume of investments committed exceeded EUR90m,
expected to ultimately generate annual rent of EUR6.5m, of which EUR2.8m (on an
annual basis) is already reflected in the financial statements for the third
quarter of 2016. These investments will enable in a first phase a return to the
rent volume of prior 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 ongoing financial reorganisation of Urbanove, (in
which it holds a 44.5% stake) to ensure the pursuit of its shopping centre
projects in Verviers and Namur; in France, its positioning on city-centre
shopping malls is confirmed, and the disposal of recently-renovated assets is
in progress.

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

5) CALENDAR

* 3 March 2017: 2016 annual revenues and earnings (pre-market)
* 19 April 2017: First-quarter revenues (post-market)
* 27 April 2017: Annual General Meeting
* May 2017: Dividend payment
* July 2017: 2017 half-year revenues and earnings (pre-market)

CONSOLIDATED REVENUE (NINE MONTHS)

(EURm)                        9M 2015   9M 2016     Change
Gross rental income              31.0      26.0     -16.3%

CONSOLIDATED REVENUE (THREE MONTHS)

(EURm)                        Q3 2015   Q3 2016     Change
Gross rental income              10.3       8.8     -14.8%

ABOUT AFFINE GROUP

Affine is a real estate company specialised in commercial property. At the end
of June 2016, it directly owned 44 buildings with a total value of EUR514m
(excluding taxes), for a total floor area of 357,000 sqm. The firm owns office
properties (65%), retail properties (22%) and warehouses and industrial
premises (13%). 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
2016, Banimmo had total assets of 18 office and commercial buildings, with a
value of EUR359m (transfer taxes included).

Total Group assets are EUR908m (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 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.

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 2016

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AFFINE (EPA:IML) 3Q16 - Continued growth in rental income

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