Business Wire

SFL – First-Quarter 2020 Financial Information


Regulatory News:

SFL (Paris:FLY):

Consolidated revenue by business segment (€000's)




Q1 2020

Q1 2019

Rental income




Paris Central Business District




Paris Other




Western Crescent



Other revenue



Total consolidated revenue



First-quarter 2020 consolidated rental income amounted to €46.6 million, down by a slight €1.9 million or 3.8% from the €48.5 million reported for the same period in 2019.

- On a like-for-like basis (excluding all changes in the portfolio affecting period-on-period comparisons), rental income rose by €0.9 million (1.9%), primarily as a result of index increases, and the occupancy rate was stable at around 97% in both periods.

- Rental income from spaces being redeveloped was down by €2.1 million, mainly following the renovation of several floors in the 103 Grenelle and Edouard VII buildings that were vacated in late 2019 and early 2020.

- Lastly, no income from penalties was received in first-quarter 2020, unlike in the same period of 2019 when penalties of €0.6 million were received.

The physical occupancy rate for revenue-generating buildings remained high, at 97.0% at 31 March 2020 (versus 97.4% as of 31 December 2019), while the EPRA vacancy rate stayed low, at 1.9%.

No properties were purchased or sold during the first quarter of 2020.

SFL's consolidated net debt was very slightly higher at 31 March 2020, at €1,740 million (compared with €1,732 million at 31 December 2019), representing a loan-to-value (LTV) ratio of 22.8% based on the portfolio’s appraisal value at 31 December 2019.

The Group’s liquidity position at 31 March 2020 was excellent, with €890 million in undrawn confirmed lines of credit and cash at bank and in hand of €116 million.

Covid-19 health crisis

SFL’s greatest strengths in the current situation are its strategic positioning and low LTV.

It is still difficult to assess the direct and indirect effects of the public health crisis on SFL’s business and results, but all possible measures are being taken to limit the impact and their effectiveness is monitored on a daily basis.

The Group acted swiftly to ensure that all of its properties could remain open and available for use by tenants. The only services no longer available are those that would breach current health measures (mainly mass catering services).

Rental income: SFL is largely unaffected by government measures concerning small retail outlets because of its strategic focus on prime office properties in Paris. The handful of requests received from tenants are analysed on a case-by-case basis and the Group endeavours to support them as far as possible during this difficult period, for example by allowing them to defer payment of their rent for the second quarter of 2020.

Redevelopment and renovation projects: these projects have been halted for the time being, and contractors are currently determining the necessary measures for work to resume, with an ever-present focus on safety conditions. Delivery of the projects will most likely be delayed by a few months due to these disruptions, but while it is too early to make any reliable estimate of the impact of these delays, it is expected to be limited.

Property leasing activities: the rental market has slowed without coming to a complete halt; however, SFL is largely unaffected because it has very few vacant units immediately available for rental. The major property leasing challenges concern the 83 Marceau and Biome properties that are currently being redeveloped and will be delivered in 2021/2022.

A citizen-based approach

To ensure business continuity while also protecting employees, all of SFL’s teams are working from home on full pay, with no temporary lay-offs.

Lastly, SFL has contributed to the collective effort to fight the pandemic, by donating €550,000 to the Fondation de France’s programmes in support of hospitals and health workers, medical research and assistance for vulnerable people. The Group has also offered to make one of its vacant properties available to the urban affairs ministry to provide emergency housing.

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 €7.2 billion and is focused on the Central Business District of Paris (, Edouard VII, Washington Plaza, etc.), and for the quality of its client portfolio, which is composed of prestigious companies in the consulting, media, digital, luxury, finance and insurance sectors. 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.

Stock market: Euronext Paris Compartment A – Euronext Paris ISIN FR0000033409 – Bloomberg: FLY FP – Reuters: FLYP PA

S&P rating: BBB+ stable outlook

Contact information

SFL - Thomas Fareng - T +33 (0)1 42 97 27 00 -
Evidence - Grégoire Silly - T +33 (0)6 99 10 78 99 -

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

New Data from the Phase 3 HELP Study Open-Label Extension Evaluate the Long-Term Safety and Efficacy of TAKHZYRO® (lanadelumab) in Reducing Hereditary Angioedema Attacks6.6.2020 10:05:00 EESTPress release

Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) (“Takeda”) today announced findings from two new interim analyses of data from the Phase 3 HELP (Hereditary Angioedema Long-term Prophylaxis) Study™ Open-label Extension (OLE). The analyses suggest that TAKHZYRO® (lanadelumab) is well-tolerated and can prevent hereditary angioedema (HAE) attacks over an extended treatment period, with sustained and consistent reduction in monthly attack rate across a range of different patient subgroups. The data are being presented at the 2020 European Academy of Allergy and Clinical Immunology (EAACI) Digital Congress. The original Phase 3 HELP Study was conducted in 125 patients aged 12 years and older over 26 weeks, making it the largest randomised, controlled prevention study in HAE, with the longest active treatment duration, to date.1 The HELP Study OLE was designed to evaluate the long-term safety (primary endpoint) and efficacy of TAKHZYRO for up to 2.5 years and was completed in Novemb

Next generation of DataOps, provided by Datalytyx, now available through Snowflake Partner Connect Program!5.6.2020 12:10:00 EESTPress release

Datalytyx today announced an expanded partnership with Snowflake, the Cloud Data Platform, that enables the next generation Datalytyx DataOps for Snowflake platform to be deployed for a 2 week trial on Snowflake. Customers can orchestrate the ingestion of data from many on-premise and cloud platforms via 3rd party data tools, model data easily, automatically test those models as part of their pipelines, launch AI/ML models and enable the consumption of data to deliver immediate stakeholder value. As a great example, in the midst of the Coronavirus pandemic, BOC, the UK market-leading gas supply company for delivery of healthcare oxygen, has faced unprecedented demand, from equipping Nightingale hospitals to delivering O2 cylinders in homes. Datalytyx have deployed their DataOps for Snowflake platform to help BOC manage their cylinder stock and logistics data, for all types of gases, to increase production efficiency and provide best-in-class customer service. “Datalytyx said they could

Pegasus Development AG: Green Light for Multiple Production Sites Worldwide5.6.2020 10:27:00 EESTPress release

Announcement: Expansion of the Pegastril-Nuevo production facility Under the leadership of board member Roberto Spano, the management of Pegasus Development AG has decided to further expand Pegastril-Nuevo production facilities. New production facilities will be set up at several locations across the world and the site in Turkey is being expanded. These investments will also create new jobs. The takeover and expansion of the following production facilities are planned in all 20 countries of Latin America, as well as France, Spain, Portugal, Greece, Cyprus, Nigeria, Ethiopia, Uganda, Tanzania, Mozambique, Angola, Mauritius, Guinea-Bissau, Cape Verde, São Tome, and Mongolia. The demand for disinfectants has skyrocketed as a result of the coronavirus. Especially high revenues are expected from products which are based on vegetable surfactants and are alcohol-free, such as Nuevo. This was the decisive factor in the management's decision to further expand the quantity and range of Nuevo pro

IDEMIA and BBVA Partner to Launch Spain’s First Payment Card Made of Recycled PVC5.6.2020 10:00:00 EESTPress release

IDEMIA, the global leader in Augmented Identity, is supplying the very first cards made out of recycled plastics in Spain to BBVA. The bank will first distribute the cards to their Spanish customers with a BBVA Youth Account in June 2020. This new payment card is a strong commitment from BBVA to contributing to the United Nations Sustainable Development Goals for the fight against climate change. This press release features multimedia. View the full release here: (Graphic: Business Wire) Each year, approximately 6 billion plastic payment cards are produced according to the 2018 Nilson Report1. In the context of the United Nations Sustainable Development Goals and the Paris Agreement, IDEMIA’s cutting-edge technology has been selected by BBVA, one of the largest banks in Spain, to migrate part of its existing first-use PVC cards to innovative recycled PVC cards. By the end of the year BBVA will enable more than half a million Spa

In COVID-19, Pudu Robotics Provides Non-contact Delivery Service in Hundreds of Hospitals Worldwide5.6.2020 10:00:00 EESTPress release

During COVID-19, hundreds of Pudu Robotics’ robot Pudubot is offering delivery service in hospitals worldwide. This non-contact delivery service by Pudubot helps avoid the spread of virus. This press release features multimedia. View the full release here: (Photo: Business Wire) After the outbreak of COVID-19, the pandemic with the characteristic of human-to-human transmission, a large number of hospitals and restaurants are seeking help from Pudu Robotics out of an urgent need for non-contact delivery. Pudu Robotics responded positively by devoting robots to several hospitals in Seoul, South Korea, Beijing, China, Wuhan, China and so on. Because Pudu Robotics’ robots are fully automatic, they can achieve the delivery process all by themselves, which reduces contact between people and effectively prevents the spread of the virus. Pudubot is equipped with multi-sensor and positioning and navigation technology. With large-capacity

EIT Digital: Strengthening European Digital Infrastructure and Data Sovereignty5.6.2020 07:00:00 EESTPress release

Recent discussions around access to 5G technology and COVID-19 contact tracing apps highlight the need for European digital sovereignty. In its latest policy perspective report on ‘European Digital Infrastructure- and Data Sovereignty’, EIT Digital offers a concrete scenario-based framework for digital policy development. The study provides an overview of policy motivations, trends, instruments, and the roles of various actors in defining the perception of and perspectives for Europe’s digital sovereignty. “What becomes clear is that we need coordinated action between the policy shapers at European and national levels and the makers from business and industry to create a sovereign European digital reality. Key are policies that enhance innovation and respect European values and rights while creating equal economic opportunity for all actors,” says EIT Digital CEO Willem Jonker. EIT Digital collaborated with the Digital Enlightenment Forum to execute the report. The study supports the d

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom