Regulatory News:
SFL (Paris:FLY):
| Consolidated revenue by business segment (€ 000´s) | |||||||
| First-quarter 2012 | First-quarter 2011 | ||||||
| Property rentals | 37,572 | 34,795 | |||||
| o/w | Paris Central Business District | 32,033 | 29,301 | ||||
| Western Crescent | 1,248 | 1,321 | |||||
| Other | 4,291 | 4,172 | |||||
| Other revenue | 108 | 104 | |||||
| Total consolidated revenue | 37,680 | 34,899 | |||||
Consolidated property rentals for the first quarter of 2012 rose to €37.6 million from €34.8 million in the same period of 2011, an increase of €2.8 million or 8.0%. On a comparable portfolio basis, rentals grew by €2.4 million or 8.3%, reflecting leases signed during 2011 and the impact of applying rent escalation clauses. Changes in the redevelopment and renovation pipeline in 2011 and 2012 added a net €1.0 million, corresponding to €2.6 million in new revenues from renovated buildings put back on the market and €1.6 million in "lost" revenues from properties taken off the market for renovation. Lastly, the sale of a property in December 2011 had a €0.6 million negative impact on first-quarter 2012 property rentals.
At 31 March 2012, the occupancy rate (excluding properties undergoing renovation) stood at 94%, unchanged from 31 December 2011. Few new leases were signed in the first quarter of 2012, but contacts were established with a number of prospective tenants for Central Business District properties.
Redevelopment projects were pursued in the first quarter according to schedule. In particular, the Bouygues construction company began heavy demolition and construction work for the In/Out project in Boulogne in January, and similar work for the Ozone project at 92 avenue des Champs-Elysées advanced in line with a planned autumn delivery.
No properties were sold or acquired during the period, leaving the composition of the portfolio unchanged at 31 March 2012 compared with 31 December 2011.
Similarly, consolidated net debt at the period-end remained virtually the same at €1,249 million versus €1,243 million at 31 December 2011.
With an exceptional portfolio of properties valued at €3.2 billion including transfer costs, essentially located in the Paris Central Business District, SFL is a preferred vehicle for investors wishing to invest in the Paris office and retail property market. As the leading player in this market, the Group is firmly focused on pro-actively managing high-quality property assets. SFL has elected to be taxed as an SIIC since 2003.
STOCK MARKET:
Euronext Paris Compartment A "´ Euronext Paris ISIN FR0000033409 "´ Bloomberg: FLY FP "´ Reuters: FLYP PA
RATING S&P: BBB- stable