Regulatory News:
SFL (Paris:FLY):
= = = = = = = = = = =
Consolidated revenue by business segment (EUR 000´s)
- - - - - -
- - - - - -
1st Quarter 2008
1st Quarter 2007
- - - - - -
Property rentals
44,546
41,166
- - - - - -
o/w
Golden Triangle
17,225
13,078
- - - - - -
Financial District
14,727
15,716
- - - - - -
Golden Crescent - La Défense
8,782
8,367
- - - - - -
Other
3,811
4,005
- - - - - -
Other revenue
49
244
- - - - - -
Total revenue
44,595
41,409
- - - - - -
Consolidated property rentals for the first quarter of 2008 amounted to €44.5
million, an 8.2% increase on the €41.2
million reported in the year-earlier period. Like-for-like property
rentals rose 2.4% while acquisitions, disposals and deliveries carried
out in 2007 added a net €2.5 million in
revenue for the period.
The occupancy rate remained very satisfactory, at 97.4% as of 31 March
2008. Six new leases on a total of nearly 7,000 square metres were
signed during the quarter, at an average rent of €525
per square metre.
The estimated market value of the portfolio at 31 March 2008, based on
independent valuations, was €3,767 million
excluding transfer costs and €3,981 million
including transfer costs, representing a slight decline of 3.6% from 31
December 2007. This change reflects the moderate increase in the
discount rates applied by the valuers to SFL´s
high quality properties.
Net debt remained stable at €1,049 million as
of 31 March 2008, representing a loan-to-value ratio of 26.3%.
On this basis, at 31 March 2008 fully diluted NAV per share stood at €55.7
excluding transfer costs and €60.3 including
transfer costs.
During the first quarter, SFL signed an off-plan purchase agreement for
an office building located 108-112 avenue de Wagram. Totalling around
6,000 square metres, the building will be delivered in late 2010 after
top-to-bottom renovation.
With an exceptional portfolio of properties valued at nearly €4
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
