Cisco Issy les Moulineaux. 3M 2014 Revenues. May 6, A good start to the year. Citroën Paris 17

Transcription

1 Cisco Issy les Moulineaux 3M 2014 Revenues May 6, 2014 A good start to the year Citroën Paris 17 CB 21, La Défense Le Patio - Villeurbanne

2 1 Key events of the period 2 Operating performance 3 Key takeaways Pégase - Clichy

3 Le Patio Lyon-Villeurbanne 1- Key events of the period

4 Strategic positioning 16bn in assets: 1 focus and 2 diversifications in solid and attractive markets Offices 66% A unique Partner and Key Accounts positioning Strong visibility of leasing revenue Development opportunities Other 10% 10bn in assets Group share* German Residential 15% Hotels and Service Sector 9% Positioning as market leader An impressive track record Supporting our partners' development An experienced German local platform (operating since 2005) Reversion potential to be harnessed Opportunities for growth in rental income and in value creation *After the disposal of the logistic portfolio - Appraisal values at the end of

5 Markets update French Office Market 507,000 sq.m. leased for Q1 (+19%) Net effective rents still under pressure Investment Markets France: 3bn for Q1 (+70%) Record volume level for Germany Residential ( 4.7bn for Q1) Recovery in Italy Financial Markets Low cost of capital and abundant liquidity Sharp decrease of Italian credit spreads Improved environment 5

6 Rental activity Several successes for CB 21 A new lease signed for 3,500 sq.m. Two term sheets exchanged for 3,500 sq.m. Occupancy above 97% 12,800 sq.m DS Campus extension finalized 11,000 sq.m San Nicolao fully leased before delivery, 13.4-year lease (7.4-year firm), 5.4 million p.a. New turnkey development with B&B hotels: Romainville CB 21, La Défense San Nicolao, Milan CB 21 La Défense DS Campus, Vélizy Quality portfolio attracts new tenants 6

7 Portfolio Group Share Investments in our Core Markets Offices/Key Accounts: 300 million developement capex on track for 2014 German Residential: 80 million preliminary agreements signed Nollendorffstrasse, Berlin 616 M Group share in disposals, in-line with appraisal values CB 21 La Défense Logistics: disposal agreement for 473 million French Offices: 50 million disposals small assets in medium-size cities Italy: good progress for Q1 Garonor Improved focus: 90% core vs 85% at the end of 2013 Higher quality of assets Higher medium term LFL rental growth prospects 7

8 Revenues Q Group Share Rent ( m) Change % m Change % LFL Occupanc y rate Firm residual term of leases years, end of March Offices - France % 0.5% 96.1% 5.6 Rental Income up 20% Offices - Italy % -0.7% 97.9%* 6.7 Offices % +0.1% 96.6% 5.9 Slight positive LFL despite leases renegotiated in 2013 High occupancy rate at 96% Hotels/Service Sector % -1.8% 100% 6.9 Residential 29.0 n/a +1.9% 98.4% n/a Logistics % -1.4% 85.6% 3.1 Total % +0.1% 96.0% 5.7 Focus Offices France: +0.5% Indexation: +0.9% New leases: +1.0% Renewed leases/end of leases: -1.6% 8 *Core Only

9 FDL Spin-Off Before After Foncière des Régions 16bn / 10bn GS Foncière des Régions 16bn / 10bn GS 59.7% c.60% FDL 3.3bn / 2.0bn GS German Resi 2.5bn / 1.5bn GS FDL French Resi 0.8bn / 0.5bn GS German Resi 2.5bn / 1.5bn GS French Resi 0.8bn / 0.5bn GS Listed entities Several steps (extraordinary dividend, share buyback ) to split FDL German and French Residential portfolios German Residential directly owned by Foncière des Régions with an unchanged economic exposure FDL listed subsidiary portfolio decreased from 3.3bn to 0.8bn Strategy is being pursued both in Germany and France Improved flexibility and clarity 9

10 Le Patio - Villeurbanne 3 Key takeaways

11 Key takeaways from Q Some positives regarding property markets Good leasing activity in La Défense and in Milan Solid Q operating performance Disposal of a 473 million non-core logistic portfolio at appraisal values Improved flexibility and clarity after the FDL Spin-Off A Good Start to the Year + Acceleration in Refocusing = A Stronger Strategic Positioning 11

12 Agenda First half of 2014: July 24,

13 Q Turnover ( million) Q Q % Group Share Change (%) Q Q Change (%) Change (%) LFL* % of rent Offices France % % 0.5% 42% Offices Italy % % -0.7% 20% Total Offices % % 0.1% 63% Hotels & Service Sector % % -2.0% 8% Total Offices - Key Accounts % % -0.2% 71% Residential n/a n/a 1.9% 20% Logistics % % -1.4% 9% Total rent % % 0.1% 100% 13

14 Disclaimer This document contains forward-looking statements and information. By their nature, these statements and information include financial forecasts and estimates as well as the assumptions on which they are based, statements related to projects, objectives and expectations concerning future operations, products and services or future performance. Although the management of Foncière des Régions management believes that these forward-looking statements and information are reasonable, Foncière des Régions cannot guarantee their accuracy or completeness and investors in Foncière des Régions are hereby advised that these forward-looking statements and information are subject to numerous risks and uncertainties that are difficult to foresee and generally beyond the control of Foncière des Régions, so that the actual results and developments may differ significantly from those expressed, implied or forecasted in the forward-looking statements and information. These risks include those developed or identified in the public documents filed by Foncière des Régions with the AMF, including those listed in the Risk Factors section of the Reference Document registered with the AMF on March 24,

15 Cisco Issy les Moulineaux 30, Avenue Kléber Paris France