SFL - First Quarter 2015
Paris, 21 April 2015
Rental income: €40.4 million (+10.9%)
Co n solid ated r ev enu e b y b u siness seg men t ( € 000 ' s)31/03/15 | 31/03/14 | |
Rental income o/w Paris Central Business District Western Crescent Other | 40,430 32,158 1,200 7,072 | 36,448 30,462 1,149 4,837 |
Other revenue | 0 | 0 |
Total consolidated revenue | 40,430 | 36,448 |
SFL's consolidated rental income rose by 10.9% to €40.4 million on 31 March, 2015 versus €36.4 million on 31 March, 2014:
- On a comparable portfolio basis, rentals increased by €2.9 million (+8.4%),
mainly due to new leases signed during 2014.
- Rents on projects under development during the period in question fell by €1.1
million.
- Finally, the acquisition of the Condorcet property in December 2014 generated a
increase in rental income of €2.2 million over the quarter.
SFL successfully leased almost 20,000 sq.m. of space during the first quarter of 2015, notably 9,700 sq.m. of offices that were pre-leased to Exane in the #cloud.paris building and 7,500 sq.m. in 131 Wagram under a new, 12-year, fixed-term lease with TV5 Monde. These transactions result in a nominal rent for Parisian offices of €650/sq.m. and a real rate of €550/sq.m.
Company: SFL • Thomas Fareng • Phone: + 33 (0)1 42 97 01 51 • t.fareng@fonciere-lyonnaise.com
The occupancy rate for revenue-generating buildings sits at 85.5% on 31 March, 2015 versus 87.1% on 31 December, 2013. The In/Out building, for which the marketing process is ongoing, accounts for 10.5% of portfolio vacancy.
Continued progress has been made on development projects throughout the quarter. Notable projects include the building at 90 Champs-Elysées, which was delivered as expected on 31 March to its principal tenant, and #cloud.paris on rue de Richelieu, which will be delivered at the end of the year and one third of which is already pre-leased.
There were no property sales or acquisitions during the first quarter of 2015.
SFL's consolidated net debt on 31 March, 2015 remained stable at €1,585 million
compared to €1,572 million on 31 December, 2014. This represents a loan-to-value ratio of
33.7%.
On 31 March, 2015, SFL had €595 million in undrawn lines of credit.
Company: SFL • Thomas Fareng • Phone: + 33 (0)1 42 97 01 51 • t.fareng@fonciere-lyonnaise.com
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