AFFINE (EPA:IML) 3Q17 - A dynamic investment activity

Transparency directive : regulatory news

18/10/2017 18:00

Paris, 18 October 2017, 6:00 pm

                 Quarterly information as at 30 September 2017

                         A DYNAMIC INVESTMENT ACTIVITY

1) CHANGE IN GROSS RENTAL INCOME

(EURm)                     Q3 2016   Q4 2016   Q1 2017   Q2 2017   Q3 2017
Gross rental income          8.8       8.7       8.4       8.4       8.3
Change / Previous quarter    2.4%     -1.0%     -2.9%     -0.9%     -0.6%

In the third quarter of 2017, on a like-for-like basis, gross rental income
remained almost stable (-0.2%) compared to Q2 2017. The impact of the disposal
of the Le Rhodanien building in Lyon, half offset by the acquisition of the
Lilleurope tower last floor, has led to a slight decrease in gross rental
income (-0.6%).

The gross rental income of the first nine months of the year showed a drop of
0.9% on a like-for-like basis and 3.1% considering the disposals and
acquisitions.

2) ACTIVITY

In the third quarter, Affine recorded the enforcement of 3 new leases for a
total area of 400 sqm and total annual rent of EUR0.1m. Furthermore, 6 tenants
left their premises, representing a total surface area of 2,300 sqm and annual
rents of EUR0.4m. Finally, 6 leases representing total rents of EUR0.8m (after
renegotiation - impact on an annual basis: +EUR0.0m). Overall, the impact of
these changes should be -EUR0.1m in 2017.

Lease cancellations during the quarter represent an impact of -EUR0.3m in 2018,
more than offset by the signing of a lease effective on 1 October for an annual
rent of EUR0.5m.

The turnover continued during the quarter with the acquisition of the last
floor of the Lilleurope tower (see press release of 3 July) - and the sale of
the Le Rhodanien building in Lyon in May and a large part of the Trappes
property complex at the end of September (the remaining part was sold at the
beginning of October) at a price corresponding to the fair value at the end of
June 2017.

3) FINANCIAL SITUATION

The financial structure has not significantly changed compared to 30 June 2017.

After a particularly active first half of the year, no financing or refinancing
was put in place during the quarter. The end of the year should be marked by
the refinancing of the Lilleurope tower, which is now entirely owned by
Affine.

4) OUTLOOK

At the end of September, the volume of investments made or committed on
trailing 18-month amounted to EUR118m, i.e. +54% compared to 30 June. These
investments should ultimately generate an annual rent of EUR8.5m, EUR0.9m of
which is already recorded in the accounts at the end of September 2017
(corresponding to a potential rent of EUR1.4m on an annual basis).

Affine is pursuing its strategy of investments (primarily in the office
segment) and balanced development between Paris Métropole and six regional
metropolitan areas (Bordeaux, Lille, Lyon, Marseille, Nantes and Toulouse), in
a fiercely competitive environment for investors.

The company confirms its intention to offer a dividend of EUR1 per share for
fiscal 2017.

5) CALENDAR

* 1 March 2018: 2017 annual revenues and earnings (pre-market)

* 18 April 2018: First-quarter revenues (after-market)

* 26 April 2018: Annual General Meeting

* May 2018: Dividend payment

* July 2018: 2018 half-year revenues and earnings (pre-market)

CONSOLIDATED REVENUE (NINE MONTHS)

(EURm)                    9M 2016    9M 2017     Change
Gross rental income         26.0       25.1      -3.1%

CONSOLIDATED REVENUE (THREE MONTHS)

(EURm)                    Q3 2016    Q3 2017     Change
Gross rental income          8.8        8.3      -5.3%

ABOUT AFFINE

Affine is a property company specialising in commercial real estate. At the end
of June 2017, it directly owned 44 buildings with a total value of EUR537m,
excluding taxes, for a total floor area of 345,700 sqm. The firm owns office
properties (68%), retail properties (22%) and warehouses and business premises
(10%). Its assets are distributed more or less equally between Ile-de France
and other regions in France.

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
2017, Banimmo had total assets of 17 office and commercial buildings, with a
value of EUR224 m (transfer taxes included).

Total Group assets are EUR796m (including transfer taxes).

In 2003, Affine opted for French real estate investment trust (SIIC) status.
Affine's shares are listed on Euronext Paris (ticker: IML FP/BTTP.PA; ISIN
code: FR0000036105). It is included in the CAC Mid&Small and SIIC IEIF indexes.
Banimmo is also listed on Euronext.

To find out more: www.affine.fr/en/. 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
Dentsuaegis - Alexandra Richert
+33 (0)1 41 16 42 67 - alexandra.richert@dentsuaegis.com

Quarterly revenues Q3 2017

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