AFFINE (EPA:IML) Affine - 1Q18 - Quarterly information as at 31 March 2018

Transparency directive : regulatory news

18/04/2018 18:00

Paris, 18 April 2018, 6:00 pm

                   Quarterly information as at 31 March 2018

1) CHANGE IN GROSS RENTAL INCOME
(EURm)                 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018
Gross rental income    8.4     8.4     8.3      8.6    8.3
Change / Previous
quarter               -2.9%   -0.9%   -0.6%     3.9%  -3.6%

During the first quarter of 2018, gross rental income is down by 3.6% versus
previous quarter (Q4 2017). Although the investments of the last months offset
the impact of disposals and the departure of two important tenants (in Thouars
and Montigny-le- Bretonneux properties), rents from retail outlets fell by
EUR0.3m compared to a particularly high level in Q4 2017. On a like-for-like
basis, rents fell by 5.6% (Q1 2018 versus Q4 2017).

Compared to the same period of the previous year (Q1 2017), gross rental income
is down by 1.3%, and by 8.7% on a like-for-like basis.

2) ACTIVITY

The renewal of the portfolio has continued during the quarter, with the
handover of Green Office building in Meudon (92) and the acquisition of an
office building in Sèvres (92) (see press release of 28 February), as well as
the disposal of retail lots in Arcachon at prices corresponding to their fair
value at the end of 2017.

In the first quarter, Affine signed five new leases for a total area of 830 sqm
and a total annual rental income of EUR0.1m. In addition, eight tenants left
their premises, representing a total area of 2,200 sqm and an annual rental
income of EUR0.3m. Finally, a lease renegotiation resulted in a rent reduction
of EUR0.1m. In addition, the changes of perimeter will have an annualised
impact of +EUR1.1m on gross rental income.

Overall, these changes will bring up EUR0.6m of gross rental income for the
current year.

3) FINANCIAL SITUATION

The financial structure has not significantly changed compared with 31 December
2017.

During the period, Affine has financed the acquisition of the office building
in Sèvres (92). Two refinancing agreements for offices in Lyon and Paris are
under negotiation.

4) OUTLOOK

After a dynamic 2017 for investments, the volume of turnkey projects under
construction, committed operations and controlled projects amounts to almost
EUR29m at the end of March 2018, representing a potential annual rental income
of EUR2.0m (of which EUR1.6m for the turnkey projects). Over the coming months,
Affine will focus on the disposal of its non- strategic assets, particularly
logistics assets, in order to release fund resources for the development of
other projects under review.

Affine continues its renewal strategy of its portfolio, while ensuring the
maintenance of a balanced development between Paris Métropole and six French
regional metropolitan areas (Bordeaux, Lille, Lyon, Marseille, Nantes and
Toulouse).

This strategy should enable Affine to continue its dividend policy.

5) CALENDAR
- 26 April 2018: Annual General Meeting
- 10 May 2018: Dividend payment (EUR1.0*)
- 27 July 2018: 2018 half-year revenues and earnings (before trading)
- 17 October 2018: Third quarter revenues (after trading)
(*) Will be submitted to a vote by the General Meeting of 26 April 2018

CONSOLIDATED REVENUES (THREE MONTHS)

(EURm)                  Q1 2017   Q1 2018    Change
Gross rental income     8.4        8.3      -1.3 %

ABOUT AFFINE

Affine is a property company specialising in commercial real estate. At the end
of 2017, it directly owned 45 buildings with a total value of EUR579, (excl.
transfer taxes) for a total surface area of 332,400 sqm. The Company owns
office properties (69%), retail properties (23%) and warehouses and industrial
premises (8%). Its assets are distributed more or less equally between Ile-de
France and other regions in France.

Affine is also the major shareholder (49.5%) of Banimmo, a Belgian property
repositioning company with operations in Belgium and France. At the end of
2017, Banimmo had total assets of 14 office and commercial buildings, with a
value of EUR208m (transfer taxes included).

Total Group assets are EUR824m (including transfer taxes).

In 2003, Affine opted for French real estate investment trust (SIIC) status.
Affine's shares are listed on NYSE Euronext Paris (Ticker: IML FP/BTTP.PA; ISIN
code: FR0000036105). It is included in the CAC Mid&Small, SIIC and IEIF
indexes. Banimmo is also listed on NYSE Euronext.

To find out more: www.affine.fr. Follow our news feed on:
https://twitter.com/Groupe_Affine

CONTACT
INVESTOR RELATIONS
Frank Lutz
+33 (0)1 44 90 43 53 - frank.lutz@affine.fr

PRESS RELATIONS
Dentsuaegis - Alexandra Richert
+33 (0)1 41 16 42 67 - alexandra.richert@dentsuaegis.com

Quarterly revenues Q1 2018

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14/12/2018 18:00

AFFINE (EPA:IML) Affine - 1Q18 - Quarterly information as at 31 March 2018

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