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PARIS, April 29, 2024–(BUSINESS WIRE)–Regulatory News:

Dimitri Boulte, Chief Executive Officer of SFL (Paris:FLY), commented: “SFL’s revenue grew by a very strong 17.6% in the first quarter of 2024. This performance reflects our unique business model and our excellent commercial momentum in the Paris market, despite a still uncertain environment. The leases signed with new tenants who are leaders in their sector made a positive contribution to revenue growth and helped to maintain our record high occupancy rate of 99.7%. Our liquidity position remains excellent, thanks to prudent management of our balance sheet.”

Sharply higher rental income: €63.9m (up 17.6%)

First-quarter 2024 consolidated rental income totalled €63.9 million, up €9.6 million or 17.6% from the €54.3 million reported for the same period of 2023. On a like-for-like basis (excluding all changes in the portfolio affecting period-on-period comparisons), rental income was €4.3 million higher (up 7.9%), reflecting the application of rent escalation clauses, new leases, and negotiated rent uplifts on occupied spaces.

The Washington Plaza, #Cloud.Paris and Cézanne Saint-Honoré buildings were the biggest contributors to revenue growth for the quarter.

Rental income from spaces being redeveloped was €5.3 million higher vs. first-quarter 2023, primarily due to income from newly leased areas like the Louvre Saint-Honoré retail space and Galerie des Champs-Elysées.

Between 1 April and 26 April, SFL signed leases on nearly 7,000 sq.m. at an average rent of over €1,000 per sq.m. with leading companies. These transactions will have a positive impact on SFL’s results in 2024.

Occupancy rate kept at a record high of 99.7%

The physical occupancy rate for revenue-generating properties remained at a record high of 99.7% as of 31 March 2024, while the EPRA vacancy rate was 0.2%.

No properties were purchased nor sold during the first quarter of 2024.

Solid balance sheet and high level of liquidity

SFL’s consolidated net debt at 31 March 2024 amounted to €2,544 million, vs. €2,539 million at 31 December 2023, representing a loan-to-value ratio of 32.5%. The average cost of debt after hedging was 2.1%, with liquidity of €1,570 million in undrawn confirmed lines of credit.

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, client base, and sustainable real estate commitment. SFL is committed to creating value for users and reducing carbon emissions in the sector.

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

S&P rating: BBB+ stable outlook

www.fonciere-lyonnaise.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20240429849327/en/

Contacts

SFL – Thomas Fareng – T +33 (0)1 42 97 27 00 – [email protected]

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