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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Abercrombie and Fitch Co | NYSE:ANF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
7.05 | 6.11% | 122.50 | 122.21 | 115.34 | 116.35 | 1,109,869 | 01:00:00 |
Regulatory News:
ANF Immobilier (Paris:ANF) revenues stood at €12.9 million for the 1st quarter of 2016, totaling €11.3 million as at March 31, 2015. This 14% rise as per IFRS norms and 3% rise in net income after minority interests reflects the Group’s dynamic policy of acquisition and secured, high-yield real-estate development.
Rents up by 9% on account of three major transactions
The 9% growth in rents is due to changes in the consolidation scope arising from three major transactions:
The first two transactions represent 36,000 sq.m. (387,500 sq.ft) in rented offices and almost 400 hotel rooms, totaling €131 million in investments (€81 million, Group share). The third transaction relates to the disposal of a low-yield 13,000 sq.m. (140,000 sq.ft.) mixed-use heritage property complex in Lyon.
This asset rotation perfectly illustrates the transformation of the real estate company, highlighting the partnership mechanism and a yield spread of around +400 bps between new investments and mature assets.
Commercial real estate transactions, driving rental growth at constant scope
Added to this is a net 5% like-for-like increase in rents. This is mainly due to commercial real estate transactions undertaken since 2013, acquired or delivered before the 1st quarter of 2015, in particular Areva’s Lyon headquarters (end of rent-free period) in the Part Dieu district and the Milky Way in the Confluence district (now fully rented out). Growth has also been boosted by the diversification into furnished housing units on rue de la République, Marseille. These healthy figures include a drop of around 9% in local rental income in Marseille.
A dedicated strategy for the Marseille portfolio
ANF Immobilier’s local strategy for the Marseille portfolio, initiated in 2015 and presented in 2016, is as follows:
Group share Revenues have risen 3%, the result of joint development operations with partners, acknowledged stakeholders in commercial real estate.
Summary and target
Gross rental income(Published data,IFRS in millions of euros) Q1 2016million euros Change Q1 2015million euros Offices 7.1 +42% 5.0 Retail 2.2 -24% 2.9 Residential 1.7 -10% 1.8 Hotels 1.5 +34% 1.1 Other (car parks) 0.4 -2% 0.4 TOTAL 12.9 +14% 11.3 Group share 10.5 +3% 10.2Rental income now breaks down into 55% from offices, 17% from retail, 13% residential and 12% from hotels with the remainder comprising other types of land use, mainly parking lots.
Commercial real estate rents account for 84% of income.
ANF Immobilier has confirmed its 10% growth target for EPRA Recurring Net Income, Group share for 2016 as a whole.
According to Renaud Haberkorn, Chief Executive Officer of ANF Immobilier, « ANF Immobilier is now a pivotal player in commercial real estate in dynamic regional cities. The results show the impact of this strategy. »
2016 Financial Agenda
2016 half-year results July 27, 2016 (before the start of trading) Presentation of 2016 half-year results July 27, 2016 (conference call and webcast) 2016 3rd quarter revenues November 10, 2016 (before the start of trading)About ANF Immobilier
ANF Immobilier (ISIN FR0000063091) is a listed real estate investment company which owns a diversified portfolio of office, retail, hotel and residential property worth €1,101 million in France. It is currently undergoing a major transformation to concentrate on commercial real estate, create value and support the development of large, dynamic regional cities in France. It currently has assets in Bordeaux, Lyon and Marseille. ANF Immobilier is listed on the Eurolist B of Euronext Paris and included in the EPRA benchmark real estate index. It is a member of the Eurazeo Group.
http://www.anf-immobilier.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20160510007101/en/
For ANF Immobilier:Laurent Milleron, +33 1 44 15 01 11investorrelations@anf-immobilier.comorPress:Renaud Large, +33 1 58 47 96 30renaud.large@havasww.com
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