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
Rental income in Ä million
EPRA net recurring result in Ä million EPRA net
recurring result per share Net income, group share
* increase in the average number of shares between 2010 and
2011 as a result of the capital increase in the second half
31 December 2011
31 December 2010
Portfolio valuation EPRA NAV (Ä millions) EPRA NAV per
Dynamic asset management
FonciËre des Murs, subsidiary of FonciËre des RÈgions, is
showing strong rental performances and appraisal values
despite the economic context, demonstrating the relevance of
- 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
- Occupancy rate 100%
The consolidated annual financial statements have been
audited. The statuory auditorsí report will be issued after
al the specific procedures have been performed.
- Ä 422 million in sales and sales commitments
In 2011, FonciËre des Murs decided to set up a disposals plan
with two goals, asset turnover and deleverage:
Diversification of FonciËre des Murs hotel partners
- by selling 30 assets for a net sale value of Ä359
- by signing memorandums of understanding on the sales of 12
assets in the total amount of Ä 63 million, generating an
overall margin of 3.7% over the appraisal values at 31
Sales and sale agreements of assets were completed on behalf
of institutional investors, private investors as well as
In 2011, FonciËre 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 Ä67 million. The rents are fixed and indexed.
Deleverage (-14%) allowing a decrease in LTV to 48,4%
During the first half of 2011, FonciËre des Murs also
completed the acquisition of a portfolio of 32 Campanile
hotels in France from the Louvre HÙtels Group, at lease
payments varying according to revenue.
The transaction was for a total amount of Ä170.4 million
(including works), 80.1% of it carried by Predica and
Pacifica and 19.9% by FonciËre des Murs.
These transactions show an average yield of 7%.
The financial structure of FonciËre 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
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 Ä120.8 million, up 12.6%
EPRA recurring net income was Ä120.8 million, compared to
Ä107.2 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 Ä2.14 at 31 december 2011,
compared to Ä2.10 at 31 December 2010, an increase of 1.9%.
- NAV of Ä 1 523 million, up 8.1%:
At 31 December 2011, FonciËre des Murs wholly owned assets
were valued at Ä2 949 million excluding transfer duties,
compared to Ä 3 124 million at 31 December 2010. This
decrease is due to the impact of the sales plan.
- Dividend up 3.4%, to 1,50 Ä/action
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 Ä1 523.2 million or Ä27/share, compared to
Ä1,409.4 million or Ä25.0/share at 31 December
2010, an increase of 8.1%.
EPRA NNNAV was Ä1,278 million or Ä22.6/share, compared to
Ä1,221.5 million or Ä21.6/share at 31 December
2010, an increase of 4.6%.
For fiscal year 2011, a proposal will be made to the General
Shareholdersí Meeting to pay a dividend of Ä
1.50/share, i.e., a total dividend of Ä 84.6 million, up 3.4%
over the 2010 dividend of Ä 81.8 million, or Ä
The total proposed dividend represents 70% of net recurring
FonciËre des Murs aims to continue improving its financial
structure and to profit from growth opportunities in the
business premises sector.
About FonciËre des Murs
FonciËre des Murs SCA, a subsidiary of FonciËre des RÈgions,
is specialised in business premises, especially in the hotel,
healthcare and retail premises sectors. At 31 December 2011,
the companyís assets were valued at Ä2.9 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,
FonciËre des Murs is headed by Dominique Ozanne, General
Manager and Member of the Board of Directors of FonciËre des
FonciËre des Murs
CÈcile Boyer ñ General Secretary Tel.: 01 58 97 54 47 [email protected]
See this press release at www.foncieredesmurs.fr.