CeGeREAL : First-half 2018 Results

26 July 2018

First-half 2018 Results

PORTFOLIO VALUE STRENGTHENED BY DYNAMIC ASSET ASSET MANAGEMENT

In millions of euros	First-half 2018	First-half 2017	Change
IFRS rental income	26.0	26.0	+ 0.2%
EPRA earnings	14.7	14.9	- 1.6%
Portfolio value (excluding transfer duties)	1,174	1,144	+ 2.7%
Debt ratio	53.1%	51.2%	+ 1.9pts
EPRA NAV per share excluding transfer duties (in €)	40.9	41.8	- 2.0%
EPRA NNNAV per share excluding transfer duties (in €)	40.4	41.4	- 2.4%
Dividend per share (in €) Special dividend per share (in €)	2.2 1.9	2.1	+ 4.8%
Total Share Return over the last 12 months	7.5%	8.7%	- 1.2pts

Rental income for the first half of 2018 remained stable at €26 million as a result of strong marketing activity, while the portfolio value rose by 2.7% to €1,174 million (excluding transfer duties) on the back of active asset management.

Cegereal's EPRA earnings came in at €14.7 million in first-half 2018, compared with €14.9 million in the same prior-year period.

• A premium portfolio with ever increasing appeal

Cegereal is highly committed to improving and optimizing its properties, and seeks to offer its tenants a superior quality of life that guarantees well-being at work.

In the first half of 2018, a major asset management project was carried out at the Europlaza building, with the aim of completing all the renovation work taking place in the property's upper floors, as well as in shared spaces such as the auditorium, gym and common area, before summer. The redesign complements the recently renovated garden and lobby, offering users outstanding amenities in a welcoming, modern atmosphere designed to the highest standards and full of natural light.

Despite strong competition in the La Défense business district, Europlaza's attractive features have won the approval of leading companies such as KPMG, which in recent months has leased additional space in the building's 'garden floors'.

In addition, a number of potential tenants have already expressed a keen interest in Europlaza's upper floors, the remaining vacant space in Cegereal's portfolio.

The occupancy rate of Cegereal's other assets stood at an average of 99.5%, resulting in an overall occupancy rate of 90.5% at June 30, 2018, compared with 91.4% at December 31, 2017.

• TOTAL SHARE RETURN (TSR) OVER THE LAST 12 MONTHS: 7.5%

ALa valeur d'expertise hors droits du patrimoine immobilier de Cegereal s'élève à 1 174 millions d'euros au 30 juin 2018, contre 1 144 millions d'euros hors droits au 30 juin 2017 (pour rappel, elle était de 1 169 millions d'euros au 31 décembre 2017).

In first-half 2018, EPRA NNNAV, excluding transfer duties, amounted to €40.4 per share, versus €41.4 in first-half 2017, reflecting changes in fair value of properties (positive impact of €2.2 per share), dividend distributions (negative impact of €4.1 per share), consolidated earnings growth (positive impact of €1.0 per share) and movements in other line items (negative impact of €0.1 per share).

Total Share Return over the last 12 months came to 7.5%, with a distribution-to-NAV ratio of 9.9% and a slight 2.4% decline in NAV.

• AN OUTSTANDING ENVIRONMENTAL COMMITMENT

In first-half 2018, Cegereal continued with its ambitious environmentally friendly process rolled out several years ago as part of its 'Upgreen your Business' program.

As a result of its CSR activities and its green capex policy, the Company has now achieved the highest environmental standards, with dual BREEAM In-Use International and NF HQE™ Exploitation certification for its entire portfolio.

Investor Calendar

- November 15, 2018

Third-quarter 2018 revenue

Media Relations	Investor Relations
Aliénor Miens / [phone]	Charlotte de Laroche / [phone]
[e-mail]	[e-mail]

About Cegereal

Created in 2006, Cegereal is a commercial property company that invests in prime office properties in Greater Paris. The portfolio's appraisal value is estimated at €1,263 million at June 30, 2018 (replacement value).

From an environmental point of view, Cegereal's portfolio is fully certified with NF HQETM Exploitation and BREEAM In-Use International certification, and benefits from the 'Green Star' rating in the international GRESB benchmark.

Cegereal is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096). The Company had a market capitalization of €511 million on July 24, 2018.

www.cegereal.com