Paris, April 11th, 2012
2012 first-quarter business? Revenues up +46% for the first quarter of 2012 (+15.5% like-for-like)
? Outlook:
o Payout of ?1.90 per share in cash proposed at the annual general meeting on April
17th, 2012, , +5% in relation to 2011o Current cash flow per share growth of more than +10% in 2012 confirmed
2012 first-quarter consolidated revenues?'000,000
* Leisure resorts and logistics assets
For the first quarter of 2012, rental income totaled ?28.1
million, up +45.9% compared with the same period in 2011. 80%
of this growth reflects the acquisition of the Palmer offices
portfolio in October
2011.
Like-for-like, the increase in rental income comes out at
+15.5%, primarily linked to the ramping up of leases that
commenced in 2011: Allen & Overy for 52 Hoche (Paris 8),
Havas for Quai 33 (Puteaux -
92) and Michelin for Jazz (Boulogne - 92).
Rent indexation contributed +1.2% to growth for the first
quarter.
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2012 first-quarter business? Unilateral preliminary agreement to sell 52 Hoche and Avant Seine for a net sales price of
?508 million
Eurosic granted an investment fund (advised by J.P.Morgan
Asset Management) an option to acquire two office buildings
representing almost 54,500 sq.m : 52 Hoche (Paris 8) and
Avant Seine (Paris 13).
The terms of the agreement should allow Eurosic to collect
most of the rental income on these properties for the first
half of the year.
? Terra Nova II building HQE® certified for operations (Montreuil - 93)
In line with the Group's sustainable development policy, the Terra Nova II building, equally owned with the CDC, achieved HQE® certification for its operations.
Outlook
The effective sale of 52 Hoche and Avant Seine, scheduled for
the end of June, will enable the company to continue
restructuring its financing facilities, improve its loan to
value ratio and benefit from new capacities for
investment.
Looking beyond this exceptional transaction, Eurosic will
continue moving forward with its rotation strategy for mature
or non-strategic assets, creating value on office assets in
France.
Eurosic confirms its guidance for current cash flow per share
growth of more than +10% for 2012. Lastly, a proposal will be
submitted at the general meeting, convened for April 17th,
2012, to pay out
?1.90 per share in cash (+5% versus 2011).
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Financial schedule
- Combined general meeting April 17th, 2012
- Dividend payment April 24th, 2012
- 2012 first-half earnings July 24th, 2012 (after close of
trading)
About Eurosic
Eurosic is a listed real estate investment trust (SIIC) which
owns and manages a portfolio valued at
?1.7 billion, focused primarily on recent large offices in
Paris and the Inner Rim, as well as other
major cities across France.
Ticker: ERSC - ISIN: FR0000038200
Investor relations Press relations
Laurent Faure Fatima El Allaly
Tel: +33.1.45.02.23.29 Tel: +33.1. 44.43.76.41
l.faure@eurosic.fr fatima.elallaly@dialog.publicis.fr www.eurosic.fr
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