AFFINE (EPA:IML) - 3Q18 - Quarterly information as at 30 September 2018
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Paris, 17 October 2018, 6:00 pm
Quarterly information as at 30 September 2018
1) CHANGE IN GROSS RENTAL INCOME
(EURm) Q3 Q4 Q1 Q2 Q3
2017 2017 2018 2018 2018
Gross rental income 8.3 8.6 8.3 8.3 8.7
Change / Previous
quarter -0.6% 3.9% -3.6% -0.4% 5.1%
In the third quarter of 2018, gross rental income improved by 5.1% thanks to
both a like-for-like increase of 2.7% (due notably to the good performance of
retail in Bordeaux) and a perimeter impact (net impact of recent acquisitions
and disposals) of +2.4%, primarily linked to the lease signed for the property
Gross rental income for the first nine months of the year saw an increase of
+0.9% (-0.9% like for like).
In the third quarter, Affine recorded 9 new leases for a total area of 3,510
sqm and total annual rent of EUR0.4m. Furthermore, 11 tenants left their
premises, representing a total surface area of 8,470 sqm and annual rents of
EUR1.2m. Finally, six leases were renegotiated, representing a total rental
amount of EUR0.4m (impact on an annual basis: -EUR0.1m).
Lease cancellations over the quarter will have an impact of -EUR0.5m in 2019,
which will be more than offset by the new rents from future leases (Nantes
"Kibori", Kremlin Bicêtre, etc.) amounting to EUR0.9m in the same period.
There were no acquisitions or disposals during the quarter.
At the end of September, the volume of investments carried out in the last 12
months is EUR102m, the amount of turnkey projects and developments accounted to
date is EUR11m, and projects committed or controlled amount to EUR53m. Overall,
this will generate an annual rental income in the longer term of EUR11.1m,
corresponding to a potential rental income of EUR6.6m on an annual basis for
leased properties or new-built commissioned (of which EUR3.2m is already
recognised in the accounts for the first nine months of 2018) and EUR4.5m for
developments under construction.
3) FINANCIAL SITUATION
The financial structure has not significantly changed compared with 30 June
There was no financing or refinancing during the quarter.
With the imminent sale of Banimmo, Affine pursues its strategy of renewing and
streamlining the portfolio, alone or in partnership, with development divided
equally between Metropolitan Paris and six main regional urban areas (Bordeaux,
Lille, Lyon, Marseille, Nantes and Toulouse). Since 2015, the target cities as
a proportion of total assets have thus increased from 52% to 84%. This strategy
should allow Affine to maintain its distribution strategy.
Finally, at this stage, the works pertaining to the Affine merger/absorption
project by the Société de la Tour Eiffel are continuing and the schedule
remains unchanged (see press release of 28 September 2018).
* 21 February 2019: 2018 annual revenues and earnings (pre-market)
* 17 April 2019: First-quarter revenues (after market)
* April 2019: Annual General Meeting
* May 2019: Dividend payment
* July 2019: 2019 half-year revenues and earnings (pre-market)
CONSOLIDATED REVENUES (NINE MONTHS)
(EURm) 9M 2017 9M 2018 Change
Gross rental income 25.1 25.4 0.9%
CONSOLIDATED REVENUES (THREE MONTHS)
(EURm) Q3 2017 Q3 2018 Change
Gross rental income 8.3 8.7 4.8%
Affine is a property company specialising in commercial real estate. At the
end of June 2018, it directly owned 41 buildings with a total value of EUR588,
(excl. transfer taxes) for a total surface area of 248,400 sqm. The Company
owns office properties (72%), retail properties (22%) and warehouses and
industrial premises (6%). 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
2018, Banimmo had total assets of 9 office and commercial buildings, with a
value of EUR143m (transfer taxes included).
Total Group assets are EUR769m (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, SIIC and IEIF
indexes. Banimmo is also listed on Euronext.
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