Société Foncière Lyonnaise (FLY) Q1 2025 earnings summary

Executive summary

• Signed leases for 6,400 sq.m. at record rents averaging €1,000 per sq.m., maintaining a 99.3% occupancy rate and 100% for office properties.

• Rental income rose 4.1% like-for-like to €59.3 million, despite a 4.9% decline in consolidated rental income due to major tenant departures.

• Departures of WeWork and GRDF enabled two major redevelopment projects, expected to drive future rental income.

Financial highlights

• Q1 2025 consolidated rental income: €60.8 million, down €3.2 million or 4.9% year-over-year.

• Like-for-like rental income increased by 4.1%, driven by rent escalations and proactive asset management.

• Paris CBD rental income fell 2.4% year-over-year; Paris Other & Western Crescent dropped 13.6%.

• Penalties from tenant departures and rent increases contributed positively to results.

Outlook and guidance

• New leases signed at high rents and limited incentives are expected to positively impact 2025 results.

• Redevelopment projects at Haussmann Saint-Augustin and Condorcet anticipated to be significant future income sources.