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Quarterly financial information as at 31st March 2017 - Strong increase in revenue fuelled by acquisitions and investments





Press release

Paris, May 2, 2017

QUARTERLY FINANCIAL INFORMATION AS AT 31th MARCH 2017

Strong increase in revenue fuelled by acquisitions and investments

  • Gross revenue for the first quarter of 2017 was 81.8 M€ - an increase of 122% compared with 2016
  • Revenue from rental activity was 71.5 M€ (+94%)

The increase in gross revenue over the first quarter of 2017 was primarily due to the acquisition of Foncière de Paris which represents gross revenue of 36 M€ over the period, the remainder (9 M€) resulting from the other investments realised by Eurosic in 2016.

M€ 31/03/2017 31/03/2016 Change
(in %)
Rental income 67.7 35.4 +91%
Other income from rental activity 3.8 1.3 +187%
Revenue from rental activity 71.5 36.8 +94%
Income from financial leases 3.3 0.0 -
Revenue from financial leases 3.3 0.0 -
Income from hotel activity 7.0 0.0 -
Revenue from hotel activity 7.0 0.0 -
Group gross revenue 81.8 36.8 +122%

Active asset portfolio management

Eurosic is keeping up its strategy of actively managing its portfolio in 2017 with (i) new acquisitions or development projects for a total amount of 318 M€ and (ii) disposals (realised or under preliminary sale agreements) for a total amount of 265 M€, including :

  • Acquisition in February 2017 of a portfolio of 16 nursing homes in Spain through Eurosic Lagune for an amount of 116 M€. This portfolio which is spread across Spain includes more than 2,300 beds and 300 day care beds, is leased through triple net leases with an average maturity in excess of 25 years ;
  • Signing in April 2017 of a preliminary purchase agreement on a portfolio of 10 office buildings in the French regions for a total amount of 100 M€ ;
  • Signing in April 2017 of a preliminary purchase agreement in order to acquire after completion 8 nursing homes located in large Italian cities (Milano, Turino and the Venice region) accounting for more than 1,000 beds. The nursing homes will be leased at delivery over an average maturity of more than 17 years. The overall commitment of Eurosic Lagune under this transaction amounts to 102 M€ ;
  • Disposal of 3 office buidlings: Coruscant (14,777 sqm, Greater Paris), Faubourg Saint Martin (8,785 sqm, Paris 10th) and Virtuel (9,330 sqm, Greater Paris);
  • Signing of preliminary sale agreements on 2 office buildings: Courcelles (4,838 sqm, Paris 17th) and Reculettes (2,542 sqm, Paris 13th).

Split of revenue by activity

M€ 31/03/2017 31/03/2016 Change
(in %)
Office 51.8 27.2 +90%
Diversification 26.7 9.5 +180%
Financial leases 3.3 0.0 -
Total 81.8 36.8 +122%

Split of revenue by geography

M€ 31/03/2017 31/03/2016 Change
(in %)
Paris 35.1 11.0 +218%
Greater Paris 20.8 10.4 +100%
French regions 19.6 14.3 +37%
International 6.2 1.0 X5.2
Total 81.8 36.8 +122%

Split of revenue from rental activity by activity

M€ 31/03/2017 31/03/2016 Change
(in %)
Office 51.8 27.2 +90%
Diversification 19.7 9.5 +107%
Revenue from rental activity 71.5 36.8 +95%

About Eurosic
Eurosic is a listed real estate company which has opted for the French SIIC status (Société d'Investissement Immobilier Cotée) and with a total portfolio value of €7.7 Bn under management at the end of 2016, mainly composed of office buildings in Paris, Greater Paris and French main cities.

Eurosic shares are listed on Euronext Paris - Compartment A, ISIN code FR0000038200.

Investor relations

EUROSIC
Nicolas Darius
CFO
+33 1 45 02 24 73
communication@eurosic.fr

Media relations

DGM Conseil
+33 1 40 70 11 89

For more information: www.eurosic.fr