Third quarter and nine months 2017 trading update

15 Nov 2017 06:57 CET

Atrium European Real Estate Limited

Third quarter and nine months 2017 trading update

Jersey, 15 November 2017. Atrium European Real Estate Limited (VSE/Euronext: ATRS), (“Atrium” or the “Company” and together with its subsidiaries, the “Group”), a leading owner, operator and redeveloper of shopping centres and retail real estate in Central and Eastern Europe, provides an update on trading for the third quarter and nine months ended 30 September 2017.

KEY HIGHLIGHTS

- EPRA like for like net rental income growth of 2.3% excluding Russia and 8% including Russia.

- At an operating level, the Group performed strongly with a 5.6% growth in Company adjusted EPRA earnings, 6% growth in profit after tax and 13.9% increase in EBITDA:

- Balance sheet well positioned to support growth with:

• - €89m in cash and marketable securities, €225m unutilized revolving credit facility following a €50m increase of the   facility in September this year and continued low gearing
• - Further progress made after the period end with the refinancing of our Atrium Flora asset with a new secured 10 year €136 million loan at a 1.9% all-in cost which will add an additional €1.7m to Company adjusted EPRA earnings
•  

- The vast majority of eligible claimants in respect of the framework agreement signed in March 2017 have now submitted documents and, to date, the Group has transferred €14m to settle these claims

- Fourth quarterly dividend of 6.75 €cents per share due to be paid as a capital repayment on 28 December 2017

- The Board decided to maintain the Group’s annual dividend at €cents 27 per share for 2018, demonstrating its continued confidence in the Group’s strategy. The dividend will continue to be reviewed quarterly.

KEY FINANCIAL FIGURES FOR THE PERIOD

Liad Barzilai, Chief Executive Officer of the Group, commented:  “We have continued to build on the momentum from our encouraging start to the year, delivering like-for-like net rental income growth across all our countries, as the benefits of our ongoing portfolio repositioning and improvement strategies continue to bear fruit. Like-for-like net rental income excluding Russia came in up 2.3%, and 8% including Russia. At the same time, we continue to execute on our strategy of investing in our existing properties as we reposition the portfolio towards high quality assets in major cities and urban locations.”

Further information can be found on the Company’s website www.aere.com or for Analysts:

mkatz@aere.com

Press & Shareholders:

FTI Consulting Inc +44 (0)20 3727 1000

Richard Sunderland

Claire Turvey

Ellie Sweeney

atrium@fticonsulting.com

The Company is established as a closed-end investment company incorporated and domiciled in Jersey and regulated by the Jersey Financial Services Commission as a certified Jersey listed fund, and is listed on both the Vienna Stock Exchange and the Euronext Amsterdam Stock Exchange. Appropriate professional advice should be sought in the case of any uncertainty as to the scope of the regulatory requirements that apply by reason of the above regulation and listings. All investments are subject to risk. Past performance is no guarantee of future returns. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results.