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
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 ─ million
EPRA net recurring result in ─ 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 (─ millions) EPRA NAV per
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
- 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 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:
Diversification of Fonci╦re des Murs hotel partners
- by selling 30 assets for a net sale value of ─359
- 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
Sales and sale agreements of assets were completed on behalf
of institutional investors, private investors as well as
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.
Deleverage (-14%) allowing a decrease in LTV to 48,4%
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%.
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
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.
- Dividend up 3.4%, to 1,50 ─/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 ─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%.
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 ─
The total proposed dividend represents 70% of net recurring
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
Fonci╦re des Murs
C╚cile Boyer ˝ General Secretary Tel.: 01 58 97 54 47 firstname.lastname@example.org
See this press release at www.foncieredesmurs.fr.