EANS-News: Atrium European Real Estate Limited / First quarter 2019 trading update

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Quarterly Report

St Helier Jersey / Channel Islands -
First quarter 2019 trading update

Benefitting from an increasingly prime portfolio

Jersey, 8 May 2019, Atrium European Real Estate Limited (VSE/Euronext: ATRS), (the "Company" and together with its subsidiaries, the "Atrium Group" or the "Group"), a leading owner, operator and redeveloper of shopping centres and retail real estate in Central Europe, provides an update on trading for the three months ended 31 March 2019.

KEY FINANCIAL FIGURES FOR THE PERIOD

3M 2019 3M 2018 CHANGE EURm EURm Net rental income 36.9 36.6 1.0% excl. Russia EPRA Like-for-Like net rental income 20.1 19.8 1.4% excl. Russia Net rental income 46.2 46.8 (1.2%) EPRA Like-for-Like 28.4 28.4 0.2% net rental income EBITDA 40.9 41.4 (1.3%) Company adj. EPRA earnings per share 7.8 7.9 (0.4%) (in EURcents) EPRA NAV per share 5.04 5.10 (1.2%) (in EUR) Cost of financing 3.1 3.4 (in %) Average debt 5.2 4.4 maturity (in years) Net LTV (in %) 37.6 32.9

Highlights

  • Continued progress in executing the Group's strategy to focus the portfolio towards prime shopping centres in Poland and the Czech Republic:
  • signed an agreement to acquire Atrium's fifth asset in Warsaw, King Cross shopping centre, for EUR43m with completion expected in Q2 2019. This is a well-connected and established retail destination with a diverse tenant mix including strong national and international tenants
  • monetised 13% of the land bank with the completion of a EUR28m land disposal in Gdansk, Poland at around book value
  • 1.4% improvement in EPRA like-for-like net rental income ("NRI") excluding Russia or 0.2% growth across the portfolio
  • Higher quality cash flow generated from acquisitions and the opening of three extensions in Warsaw in Q4 2018 offset the impact from disposals including the exit from Hungary and Romania, resulting in a 1.0% increase in NRI excluding Russia
  • EBITDA stable at EUR41m while the EBITDA margin remained strong at 89% (Q1 2018: 88%)
  • LFL NRI in Russia decreased by 2.9% mainly as a result of specific tenants exiting the market and subsequent retenanting initiatives
  • Balance sheet well positioned to support growth with EUR54m cash and equivalents, EUR257m unutilized revolving credit facility and a net LTV of 37.6%.

Liad Barzilai, Chief Executive Officer of Atrium Group, commented:
"During the first quarter we began to see the new high quality income flowing through from the extensions we opened at Atrium's three prime retail destinations in Warsaw at the end of last year which, coupled with the income from acquisitions, helped to offset the loss of income from our disposal programme. We have also made further significant progress with our portfolio repositioning by monetising 13% of the Company's land bank through the sale of a land parcel in Gdansk and by agreeing to the acquisition of a well located local shopping centre in Warsaw. We continue to work on strengthening our portfolio through redevelopments and asset rotation and have a strong balance sheet to support the execution of our strategy."

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

Molly Katz: mkatz@aere.com

Press & Shareholders:
FTI Consulting Inc.: +44 (0)20 3727 1000
Richard Sunderland/Claire Turvey: atrium@fticonsulting.com [atrium@fticonsulting.com]

About Atrium European Real Estate
Atrium is a leading owner, operator and redeveloper of shopping centres and retail real estate in Central Europe. Atrium specializes in locally dominant food, fashion and entertainment shopping centres in the best urban locations. Atrium owns 33 properties with a total gross leasable area of over 975,000 sqm and with a total market value of approximately EUR2.9 billion. These properties are located in Poland, the Czech Republic, Slovakia and Russia, and with the exception of one, are all managed by Atrium's internal team of retail real estate professionals.

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.

end of announcement euro adhoc

issuer: Atrium European Real Estate Limited
Seaton Place 11-15
UK-JE4 0QH St Helier Jersey / Channel Islands
phone: +44 (0)20 7831 3113
FAX:
mail: richard.sunderland@fticonsulting.com
WWW: http://www.aere.com
ISIN: JE00B3DCF752
indexes:
stockmarkets: Luxembourg Stock Exchange, Wien
language: English

Digital press kit: http://www.ots.at/pressemappe/2915/aom

Rückfragen & Kontakt:

For further information:
FTI Consulting Inc.:
+44 (0)20 3727 1000
Richard Sunderland
Claire Turvey
Richard.sunderland@fticonsulting.com

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