AFFINE RE HALF-YEAR RESULTS
2015
Presentation of
30 July 2015
AFFI NE
H1 2015 KEY TAKEAWAYS
BACK TO PROFIT
(+)€1.3M DROP I N CORPORATE EXPENSES
(+)COST OF DEBT DOWN TO 2.7%
(+)SI GNI FICANT REDUCTION I N FAI R VALUE DECLI NES
(-)8.2%DROP I N GROSS RENTAL I NCOME
EPRA EARNINGS ALMOST UNCHANGED
SIGNIFICANT IMPROVEMENT IN OPERATING CASH FLOW CHANGE IN PORTFOLIO
INCREASE I N AVERAGE LEASE TERM TO 5.7YEARS
€13.4M I N ACQUI SI TIONS,I MPROVEMENTS AND DEVELOPMENTS
€13.1M FROM DI SPOSALS
EPRA NAV PER SHARE: €22.2
2015HALF-YEAR RESULTS 2
INVESTMENTS AND DISPOSALS
2015HALF-YEAR RESULTS 3
I NVESTMENTS AND DISPOSALS
€13M OF INVESTMENTS AND €13M OF DISPOSALS
€8m: Acquisition
€6m: Development & Refurbishment
Toul ouse
Le s Ama rantes 2
Lyon - Ta ngram
Li l le
Pa ri s - Ré aumur
€13m: Disposals
Lyon - Rhodanien:
€9.9m
Pa l aiseau:
€1.8m
2015HALF-YEAR RESULTS 4
I NVESTMENTS AND DISPOSALS
TOULOUSE - LES AMARANTES 2
2,900 sqm of offices
4 floors (Ground -1 to G+2)
92 parking lots, 72 of which underground
81% let to Dalkia (6.5-year fixed lease)
Located in the heart of the new Borderouge district
Major urban development area
Closed to
Thenewly-builtLesMaourinesshoppingcentre(Carrefour+60stores)ToulouseBlagnacinternationalairport(15min)
Excellent public transportation links
MetrolineBforquickaccesstothecitycentre8busservicescoveringalargepartofthecity1intermodalstation
3 bi cycle s tands
2015HALF-YEAR RESULTS 5
I NVESTMENTS AND DISPOSALS
LYON PART DIEU - TANGRAM
Major refurbishment of 5,700 sqm offices space: €7.7m
2 buildings and parking lot for 121 cars
Located on Boulevard des Tchécoslovaques on the extension of the
Boulevard Vivier Merle, between the La Part-Dieu and Gerland districts
Easy and improved service and enhanced attractiveness
2 métro s tati ons , s everal bus l ines
Tram
Completion by Q3 2015 and a well advanced marketing
2,750 s qm l et to ISCOM wi th a 9-year fi xed term l eas e
2,950 s qm under marketi ng
Gare TGV La Part-Dieu
Building
-
I NVESTI SSEMENTS ET CESSIONS
INVESTMENT UNDERWAY: PORTE DE CLICHY - €7.9M
Contract signed for 1,535 sqm of offices
7floors(Ground-1toG+5)BREEAMGood
Green Façad
Completion expected on Q2 2016 - marketing under process
Located at Porte de Clichy in the « Entrée de ville » ZAC (Integrated development zone)
Major urban development area to the north west of Paris
Closed to
The new Pari s ian courthous e
The regi onal headquarters of the pol i ce j udi ciaire
(cri mi nal i nvesti gation department)
Excellent public transportation links
PortedeClichystation:RERC,metrolines13et14(underprogress)TrainstationClichy-Levallois
Immedi at acces s to the ri ng road and and to A1, A13 and A14 motorways
2015HALF-YEAR RESULTS 7
PERFORMANCE OF THE PORTFOLIO
2015HALF-YEAR RESULTS 8
PERFORMANCE OF THE PORTFOLI O
PORTFOLIO VALUE STABILIZED AFTER CAPEX
Change in fair value excluding TT (€m)
575 (13) +1 (7) +6 +7 570
31/12/14 Disposal Ca pital gain Like-for-like Capex Dev. Acq. 30/06/15
Breakdown of the 1.2% decrease in fair value on a like-for-like basis
Marketrenteffect(ERV):-0.8%Caprateeffect:+1.3%
Miscellaneous: -1.7% (works, reversion, transfer taxes change …)
2015HALF-YEAR RESULTS 9
PERFORMANCE OF THE PORTFOLI O
CHANGE IN HEADLINE RENTS
Change in headline rents annualized (€m)
43.3 (0.0) (1.0)(1.7)
0.4 41.1
31/12/2014 Refurbish ment Disposal L ike-for-like Acquisition 30/06/2015
Total headline rents change: -5.2%, and -4% like-for-like
Due to :
Di s pos als
Departure of a tenant on the s i te of Trembl ay-en-France: -€1.2m
Renegoci ati ons
2015HALF-YEAR RESULTS 10
PERFORMANCE OF THE PORTFOLI O
OCCUPANCY RATE OF 88.5%
Financial occupancy rates (EPRA)
Total
88.5%
94.0%
92.2%
87.7%
89.0%
87.8%
90.9% 90.2%
88.5%
Offices
Retail
Warehouses and industrials
86.8%
85.0%
93.5%
2008 2009 2010 2011 2012 2013 2014 H1
2015
Impa ct
Ba udry
-1.2 pt
Impa ct
JdQ
+0.8 pt
Métropole du Gra nd Paris : Pa ris + Ha uts -de-Seine + Va l d'Oise + Va l-de-Ma rne
Impact of the departure of the tenant on the Tremblay-en-France site: 1.7 pt
2015HALF-YEAR RESULTS 11
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