Société de la Tour Eiffel : Société de la Tour Eiffel : 2012 annual turnover
Turnover and EPRA occupancy rate stable,
4.5% increase in rental income on a like for like basis
The company's consolidated turnover for 2012 amounted to € 82.4M, compared to
€82.3M for 2011, of which rents represented respectively € 69.5M and €69.4M.
The stability of the turnover has been achieved despite approximately 110 M of
asset sales over the 2011-2012 period.
This rental outcome results from a combination of rents received on newly
delivered properties (+€0.1M), net relettings (+€0.6M) and indexation of
passing rents (+€ 2.4M), set against property disposals during the said period
(- € 3M of rents).
On a like for like basis, rents increased by 4.5%.
(in M€) 2012 2011
First quarter 20.7 20.2
Second quarter 20.7 20.8
Third quarter 20.4 20.9
Fourth quarter 20.6 20.4
Cumulated as at 31 December 82.4 82.3
Of which rents 69.5 69.4
The relative resilience of business activity was further demonstrated by the
EPRA occupancy rate performance of 91.6% for the overall portfolio at 31^st
December 2012 compared with 91.3% at 31^st December 2011.
Disposals completed in 2012 globally amounted to € 70M in line with the last
prevailing independent valuations, a further € 40M being under contract as at
31^st December 2012.
The net asset value as of 31^st December 2012 amounted to € 915M to be
compared with € 999M a year ago and € 955M in June 2012. The decline results
largely from asset disposals but also reduced property values of 2.8% on a
like-for-like basis (compared with 31^st December 2011) principally concerning
provincial sorting centers and business parks. Parisian office properties
values that are core to the company's activity remain stable.
Other operational highlights for the 2012 fourth quarter:
ofinalized the refinancing program with the signing of a new 287M, 5-year
loan. All the 2013 maturities have been refinanced or renegotiatedby
anticipation during 2012. The company's overall financing cost is
extremely competitive (below 4%) with an average duration of more than 5
o24,500 m² of new lettings and lease renewals representing € 2.9M of annual
rents including 3,000 m² in Chartres (revised occupancy rate 52%) for 18
othe on-going construction of green LEB 5,200 m² office development in
Montrouge (€23M of investment pre-financed in 2011); the delivery of
which has been scheduled for the 2013 2^nd quarter;
othe sale of the company's minority stake in a business park in Châtenay
Malabry and of one of the buildings in the NXP Campus, Caen for an
aggregate € 11M.
Calendar: - 20^th March 2013: 2012 results and new strategy press release
after market close withensuing conference call in English
- 21^st March 2013: SFAF meeting in French (2012 results and new strategy)
- 30^th May 2013: Annual General Meeting
About Société de la Tour Eiffel
A «SIIC» quoted on the Euronext Paris Exchange, the company pursues a
strategy focused on the ownership and the development of quality office and
business space capable of attracting a wide range of tenants in both
established and emerging locations. The company's portfolio stands above 900
million Euros of assets spread evenly between the Paris area and the
Société de la Tour Eiffel is listed on NYSE Euronext Paris (compartment B) -
ISIN code: 0000036816 - Reuters: TEIF.PA - Bloomberg EIFF.F. Member of IEIF
Foncières and IEIF Immobilier France indices.
Press contact www.societetoureiffel.com Communication
Jean-Philippe MOCCI Jerome DESCAMPS
Capmot Chief Financial Officer
Tel:+33 (0)1 71 16 19 13/ Tel: +33 (0)1 53 43 07 06
Société de la Tour Eiffel - 2012 annual results
This announcement is distributed by Thomson Reuters on behalf of Thomson
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information contained therein.
Source: Société de la Tour Eiffel via Thomson Reuters ONE
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