|By Marketwire .||
|February 14, 2013 03:08 AM EST||
PARIS -- (Marketwire) -- 02/14/13 --
Turnover and EPRA occupancy rate stable, 4.5% increase in rental income on a like for like basis
The company's consolidated turnover for 2012 amounted to EUR 82.4M, compared to EUR 82.3M for 2011, of which rents represented respectively EUR 69.5M and EUR 69.4M. The stability of the turnover has been achieved despite approximately 110 M of asset sales over the 2011-2012 period.
This rental outcome results from a combination of rents received on newly delivered properties (+EUR 0.1M), net relettings (+EUR 0.6M) and indexation of passing rents (+EUR 2.4M), set against property disposals during the said period (- EUR 3M of rents).
On a like for like basis, rents increased by 4.5%.
Consolidated turnover +-----------------------------+------+------+ | (in M EUR) | 2012 | 2011 | +-----------------------------+------+------+ | First quarter | 20.7 | 20.2 | | | | | | Second quarter | 20.7 | 20.8 | | | | | | Third quarter | 20.4 | 20.9 | | | | | | Fourth quarter | 20.6 | 20.4 | +-----------------------------+------+------+ | Cumulated as at 31 December | 82.4 | 82.3 | | | | | | Of which rents | 69.5 | 69.4 | +-----------------------------+------+------+
The relative resilience of business activity was further demonstrated by the EPRA occupancy rate performance of 91.6% for the overall portfolio at 31st December 2012 compared with 91.3% at 31st December 2011.
Disposals completed in 2012 globally amounted to EUR 70M in line with the last prevailing independent valuations, a further EUR 40M being under contract as at 31st December 2012.
The net asset value as of 31st December 2012 amounted to EUR 915M to be compared with EUR 999M a year ago and EUR 955M in June 2012. The decline results largely from asset disposals but also reduced property values of 2.8% on a like-for-like basis (compared with 31st December 2011) principally concerning provincial sorting centers and business parks. Parisian office properties values that are core to the company's activity remain stable.
Other operational highlights for the 2012 fourth quarter:
* finalized the refinancing program with the signing of a new 287M, 5-year loan. All the 2013 maturities have been refinanced or renegotiated by anticipation during 2012. The company's overall financing cost is extremely competitive (below 4%) with an average duration of more than 5 years;
* 24,500 m² of new lettings and lease renewals representing EUR 2.9M of annual rents including 3,000 m² in Chartres (revised occupancy rate 52%) for 18 years;
* the on-going construction of green LEB 5,200 m² office development in Montrouge (EUR 23M of investment pre-financed in 2011); the delivery of which has been scheduled for the 2013 2nd quarter;
* the sale of the company's minority stake in a business park in Châtenay Malabry and of one of the buildings in the NXP Campus, Caen for an aggregate EUR 11M.
Calendar: - 20th March 2013: 2012 results and new strategy press release after market close with ensuing conference call in English
- 21st March 2013: SFAF meeting in French (2012 results and new strategy)
- 30th May 2013: Annual General Meeting
About Société de la Tour Eiffel
A « SIIC » quoted on the Euronext Paris Exchange, the company pursues a strategy focused on the ownership and the development of quality office and business space capable of attracting a wide range of tenants in both established and emerging locations. The company's portfolio stands above 900 million Euros of assets spread evenly between the Paris area and the regions. Société de la Tour Eiffel is listed on NYSE Euronext Paris (compartment B) - ISIN code : 0000036816 - Reuters : TEIF.PA - Bloomberg EIFF.F. Member of IEIF Foncières and IEIF Immobilier France indices.
Société de la Tour Eiffel - 2012 annual results: http://hugin.info/143560/R/1677965/547453.pdf
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Source: Société de la Tour Eiffel via Thomson Reuters ONE