SFL – First-Quarter 2024 Financial Information

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%)

Consolidated revenue by business segment (€000's)
		Q1 2024	Q1 2023
Rental income		63,931	54,346
o/w	Paris CBD	49,450	40,599
	Paris Other	13,685	12,912
	Western Crescent	796	835
Total consolidated revenue		63,931	54,346

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:

(i) application of rent escalation clauses (€2.4 million impact),

(ii) the contribution of leases signed in 2023 with TV5 Monde, Klépierre, Infravia, Basic Fit, etc., and

(iii) the effective rent uplifts negotiated for new deals or protocols on occupied space. The most significant uplifts concern the former Exane offices in #Cloud.Paris re-let to a leading luxury goods company and the former Marex offices in Washington Plaza re-let to Enr’Cert.