Société Foncière Lyonnaise (FLY) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 reached €192.2 million, up 12.0% year-over-year, driven by strong rental activity and high occupancy rates.

• Rental income increased 8.9% to €186.8 million, reflecting robust demand for modern, environmentally friendly office spaces in Paris.

• The average nominal rent rose 14.7% to €982/sq.m., and the average effective rent increased 21.1% to €866/sq.m.

• Physical occupancy rate for revenue-generating properties was 99.8% as of 30 September 2024.

• SFL maintained top-tier non-financial performance, earning GRESB "5 Stars" and EPRA Gold certifications.

Financial highlights

• Revenue grew 12.0% to €192.2 million for the first nine months of 2024 compared to the same period in 2023.

• Rental income rose 8.9% year-over-year, with a €5.4 million reversal of rent receivable impairment provision.

• Like-for-like rental income increased 7.4%, driven by rent escalation clauses and new leases.

• Penalties from lease terminations were offset by rent accrual cancellations, resulting in a net €1.5 million revenue increase.

Outlook and guidance

• Sustained demand for central, modern, and environmentally advanced office spaces is expected to continue supporting high occupancy and revenue growth.

• The company remains focused on enhancing service quality and maintaining high technical and environmental standards.