SFL – First-Quarter 2017 Financial Information
Consolidated revenue by business segment (€000's)
|Q1 2017||Q1 2016|
|o/w||Paris Central Business District||38,021||37,398|
|Total consolidated revenue||48,969||48,647|
SFL's consolidated rental income rose by 0.7% to €49.0 million in first-quarter 2017 from €48.6 million in the same period of 2016:
- On a comparable portfolio basis, rental income grew by €1.8 million (up 4.1%). The increase was attributable to leases signed during 2016, mainly concerning the #cloud.paris and Washington Plaza buildings.
- Changes in assets under redevelopment between the two periods had a €2.0 million negative impact on rental income, with several floors of offices in the Cézanne Saint-Honoré complex and other properties taken off the market for extensive renovation after tenants moved out in 2016.
- Lastly, in first-quarter 2017 SFL received a lease termination penalty from a tenant representing net income of €0.5 million.
During first-quarter 2017, leases were signed on over 6,000 sq.m. Office space accounted for half of the total, including two leases on over 1,000 sq.m. in the 103 Grenelle and Cézanne Saint-Honoré buildings. The average nominal rent for the new office leases was €714 per sq.m. and the effective rent was €612 per sq.m.
The occupancy rate for revenue-generating buildings remained high, at 94.4% as of 31 March 2017 versus 97.0% as of 31 December 2016, while the EPRA vacancy rate stood at 4.8%.
On 13 January 2017, SFL entered into a €165-million deal to acquire SMA's historical headquarters building in the 15th arrondissement of Paris. The 21,000-sq.m. property will be redeveloped to create a major new business centre in the west of the capital. Contracts will be exchanged when SMA moves to its new headquarters in the fourth quarter of 2017 (for more details, see the press release dated 16 January 2017).
No properties were divested during the first quarter of 2017.
SFL's consolidated net debt at 31 March 2017 remained stable at €1,920 million compared to €1,931 million at 31 December 2016. This represented a loan-to-value ratio of 31.5% based on the portfolio's appraisal value at 31 December 2016.
At 31 March, 2017, SFL also had €510 million in undrawn lines of credit.
Leader on the prime segment of the Parisian tertiary real estate market, Société Foncière Lyonnaise stands out for the quality of its property portfolio, which is valued at €5.7 billion and is concentrated on the Central Business District of Paris (#cloud.paris, Edouard VII, Washington Plaza, etc.), and for the quality of its client portfolio, which is composed of prestigious companies in the consulting, media, digital, luxury, finance and insurance sectors.
Stock market: Euronext Paris Compartment A – Euronext Paris ISIN FR0000033409 – Bloomberg: FLY FP – Reuters: FLYP PA
S&P rating: BBB stable outlook
Thomas Fareng, Phone +33 (0)1 42 97 27 00
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Skriv dig op her og modtag pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Business Wire
CA-EMMAUS-LIFE-SCIENCES18.7.2018 23:47 | pressemeddelelse
Emmaus Life Sciences Announces the New England Journal of Medicine has Published the Phase 3 Trial Results of Endari™ (L-Glutamine Oral Powder) in Sickle Cell Disease
CA-TIGO18.7.2018 21:43 | pressemeddelelse
Tigo Releases State-of-the-art Wireless Technology – Mesh – as the New Solar Communication Architecture for the TS4 Platform
VIIV-HEALTHCARE18.7.2018 19:23 | pressemeddelelse
ViiV Healthcare Shares Data from Landmark 2-Drug Regimen Trials At AIDS 2018
XILAM18.7.2018 18:02 | pressemeddelelse
Xilam: H1 2018 Revenue: +50%
DEPARTMENT-INTL-TRADE18.7.2018 14:40 | pressemeddelelse
Department for International Trade: Life Sciences at the Heart of UK Economy
AZ-UNIVERSAL-LASER18.7.2018 14:07 | pressemeddelelse
Universal Laser Systems Expands Its Materials Database with 3M, Victrex and Dexmet Materials
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum