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FONCIERE DES MURS : 09/02/2012 : Annual Results 2011 - Strong deleverage due to sales : LTV down to 48,4%

02/09/2012 | 01:34pm US/Eastern
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9 February 2012

Strong deleverage due to sales : LTV down to 48,4% Increase in rental income and values

31 December 2011

31 December 2010

Change (%)

Rental income in ─ million

EPRA net recurring result in ─ million EPRA net recurring result per share Net income, group share

203,6

120,8

2,14 ─

141,3

203,5

107,2

2,10 ─

260,7

+3,4% like-for-like

+12.6%

+1.9%*

ns

* increase in the average number of shares between 2010 and 2011 as a result of the capital increase in the second half of 2010.

31 December 2011

31 December 2010

Change

Portfolio valuation EPRA NAV (─ millions) EPRA NAV per share

LTV

2 949

1 523,2

27,0

48,4%

3 124

1 409,4

25,0

54,3%

+3,8% like-for-like

+8,1%

+8,1%

-590 bps

Dynamic asset management

Fonci╦re des Murs, subsidiary of Fonci╦re des R╚gions, is showing strong rental performances and appraisal values despite the economic context, demonstrating the relevance of its position.

- Rental income up 3.4% on a like-for-like basis

The increase in rental income on a like-for-like basis is due to the following items:
- Good performances of our tenants : variable rents (+4,3% on a like-for-like basis on Accor portfolio), on- going adaptation of retail brands to their markets
- 2.25% indexation of fixed rents in health and retail premises sectors
- Occupancy rate 100%

The consolidated annual financial statements have been audited. The statuory auditorsÝ report will be issued after al the specific procedures have been performed.

- ─ 422 million in sales and sales commitments

In 2011, Fonci╦re des Murs decided to set up a disposals plan with two goals, asset turnover and deleverage:
- by selling 30 assets for a net sale value of ─359 million,
- by signing memorandums of understanding on the sales of 12 assets in the total amount of ─ 63 million, generating an overall margin of 3.7% over the appraisal values at 31 December 2010.
Sales and sale agreements of assets were completed on behalf of institutional investors, private investors as well as operators.

Diversification of Fonci╦re des Murs hotel partners

In 2011, Fonci╦re des Murs finalised the acquisition of 18 B&B hotels in Germany, in accordance with the memorandum of understanding signed in July 2010. These hotels have a total value of ─67 million. The rents are fixed and indexed.
During the first half of 2011, Fonci╦re des Murs also completed the acquisition of a portfolio of 32 Campanile hotels in France from the Louvre H┘tels Group, at lease payments varying according to revenue.
The transaction was for a total amount of ─170.4 million (including works), 80.1% of it carried by Predica and
Pacifica and 19.9% by Fonci╦re des Murs.
These transactions show an average yield of 7%.

Deleverage (-14%) allowing a decrease in LTV to 48,4%

The financial structure of Fonci╦re des Murs was significantly strengthened, reflecting the impact of the increases in value and the disposals completed. After incorporating sales commitments, net debt represents 48.4% of the value of assets, compared to 54.3% at 31 December 2010.
The average debt rate also declined to 4.39%, compared to 4.43% at 31 December 2010. ICR was 2.58 at 31 December 2011, compared to 2.31 at 31 December 2010.

Continuing results growth

- Net EPRA recurring income of ─120.8 million, up 12.6%

EPRA recurring net income was ─120.8 million, compared to ─107.2 million at 31 December 2010, an increase of 12.6%. Based on the average number of shares over the year, EPRA recurring net income per share was ─2.14 at 31 december 2011, compared to ─2.10 at 31 December 2010, an increase of 1.9%.

- NAV of ─ 1 523 million, up 8.1%:

At 31 December 2011, Fonci╦re des Murs wholly owned assets were valued at ─2 949 million excluding transfer duties, compared to ─ 3 124 million at 31 December 2010. This decrease is due to the impact of the sales plan.
On a like-for-like basis, the portfolio was up +3.8% compared to 31 December 2010. These assets show a yield of
6.3% excluding transfer duties.
EPRA NAV was ─1 523.2 million or ─27/share, compared to ─1,409.4 million or ─25.0/share at 31 December
2010, an increase of 8.1%.
EPRA NNNAV was ─1,278 million or ─22.6/share, compared to ─1,221.5 million or ─21.6/share at 31 December
2010, an increase of 4.6%.

- Dividend up 3.4%, to 1,50 ─/action

For fiscal year 2011, a proposal will be made to the General ShareholdersÝ Meeting to pay a dividend of ─
1.50/share, i.e., a total dividend of ─ 84.6 million, up 3.4% over the 2010 dividend of ─ 81.8 million, or ─
1.45/share.
The total proposed dividend represents 70% of net recurring result.

Outlook 2012

Fonci╦re des Murs aims to continue improving its financial structure and to profit from growth opportunities in the business premises sector.

About Fonci╦re des Murs

Fonci╦re des Murs SCA, a subsidiary of Fonci╦re des R╚gions, is specialised in business premises, especially in the hotel, healthcare and retail premises sectors. At 31 December 2011, the companyÝs assets were valued at ─2.9 billion. The average length of leases was 8 years and the occupancy rate was 100% with top-tier tenants.

Partner of leading companies of the business premises sector, Fonci╦re des Murs is headed by Dominique Ozanne, General

Manager and Member of the Board of Directors of Fonci╦re des R╚gions.

Contact: Fonci╦re des Murs

C╚cile Boyer ˝ General Secretary Tel.: 01 58 97 54 47 cecile.boyer@fdr.fr

See this press release at www.foncieredesmurs.fr.

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