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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Flyht Aerospace Solutions Ltd | TSXV:FLY | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.46 | 0.46 | 0.48 | 0.46 | 0.45 | 0.45 | 7,070 | 20:59:58 |
Regulatory News:
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231019027084/en/
#cloud.paris (Paris 2) - SFL © Clément Guillaume
SFL (Paris:FLY):
Robust business performance
“SFL’s high-quality portfolio, 99% of which is located within Paris including 77% in the CBD, is a guarantee of resilience in a tight and highly selective market driven by demand, among companies and their employees, for centrally located, modern buildings meeting the highest environmental standards. The growth in our rental income and our robust operating ratios are proof of this.” Dimitri Boulte, Chief Executive Officer of SFL
Rental income up by a sharp 13.1% to €171.6 million
Consolidated revenue by business segment (€000’s)
Rental income:
2023 (9 months)
2022 (9 months)
Change
Paris CBD
129,235
116,743
+10.7%
Paris Other
40,056
32,825
+22.0%
Western Crescent
2,335
2,163
+7.9%
Total rental income
171,626
151,731
+13.1%
Consolidated rental income for the first nine months of 2023 totalled €171.6 million, up by a strong €19.9 million (up 13.1%) versus the year-earlier period:
In particular, a significant increase in rental income was observed from the Edouard VII, #cloud.paris, Louvre Saint-Honoré, Washington Plaza and 103 Grenelle buildings.
• An increase of €13.3 million, due in particular to:
• A decrease of €9.1 million, mainly due to:
Sustained business volumes in an uncertain environment
In the first nine months of 2023, the Group signed leases on over 30,000 sq.m. of mainly office space.
The average nominal rent for the new office leases was significantly higher, at €845 per sq.m., corresponding to an effective rent of €695 per sq.m., for an average non-cancellable period of 8.5 years. These lease terms attest to the resilience of the Paris office property market and the attractiveness of the Group’s properties.
The physical occupancy rate for revenue-generating properties at 30 September 2023 was a record 99.7% (compared with 99.5% at 31 December 2022). The EPRA vacancy rate was 0.3% (versus 0.6% at 31 December 2022).
On 11 April 2023, SFL sold the 6 rue de Hanovre building in Paris (2nd arrondissement) to the GCI/Eternam joint venture for a net selling price of €58.3 million. The building’s tenant moved out in October 2022 and the 4,600 sq.m. complex was sold untenanted in its condition on the transaction date.
No properties were purchased during the first nine months of 2023.
Financing: increased liquidity and sound debt ratios
SFL’s consolidated net debt at 30 September 2023 amounted to €2,570 million, compared with €2,438 million at 31 December 2022, representing a loan-to-value ratio of 30.4% based on the portfolio’s appraisal value (including transfer costs) at 30 June 2023. The average cost of debt after hedging was 2.0% and the average maturity was 3.8 years. At end-September 2023, the interest coverage ratio stood at 3.7x.
The Company’s liquidity position at 30 September 2023 was excellent, with €1,600 million in undrawn confirmed lines of credit
About SFL
Leader in the prime segment of the Parisian commercial real estate market, Société Foncière Lyonnaise stands out for the quality of its property portfolio, which is valued at €7.9 billion and is focused on the Central Business District of Paris (#cloud.paris, Edouard VII, Washington Plaza, etc.), and for the quality of its client portfolio, which is composed of prestigious companies. As France’s oldest property company, SFL demonstrates year after year an unwavering commitment to its strategy focused on creating a high value in use for users and, ultimately, substantial appraisal values for its properties. With its sights firmly set on the future, SFL is committed to sustainable real estate with the aim of building the city of tomorrow and helping to reduce carbon emissions in its sector. Stock market: Euronext Paris Compartment A – Euronext Paris ISIN FR0000033409 – Bloomberg: FLY FP – Reuters: FLYP PA S&P rating: BBB+ stable outlook
View source version on businesswire.com: https://www.businesswire.com/news/home/20231019027084/en/
SFL – Thomas Fareng – T +33 (0)1 42 97 27 00 – t.fareng@fonciere-lyonnaise.com www.fonciere-lyonnaise.com
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