EANS-Adhoc: Atrium European Real Estate Limited / THIRD QUARTER RESULTS

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9-month report

22.11.2010

Atrium European Real Estate Limited
("Atrium" the "Company" or the "Group")

THIRD QUARTER RESULTS SHOW STRONG OPERATIONAL AND FINANCIAL
PERFORMANCE

INCREASE IN ANNUAL DIVIDEND ANNOUNCED

Jersey, 22 November 2010. Atrium European Real Estate (VSE /
Euronext: ATRS), one of the leading real estate companies focused on
shopping centre investment, management and development in Central and
Eastern Europe, announces its results for the nine months and third
quarter ended 30September2010.

Highlights: * Profit before tax of E120.3 million for the nine months
to 30 September 2010 (2009: loss of E374.5million) * EBITDA
excluding revaluation increased 18.7% to E75.9 million for the nine
months to 30 September 2010 (2009:E64.0million) * Net cash from
operating activities increased 54.4% to E70.3 million compared to
E45.5million for the corresponding nine month period last year * EPRA
Net Asset Value per ordinary share up 5.0% to E6.07 compared to E5.78
at 31December 2009 (30June 2010: E6.04) * Value of standing
investments increased to E1.547 billion compared to E1.475 billion
at 31December2009 and E1.537 billion at 30 June2010 * Weighted
average occupancy remained stable at 94.7% compared to 94.7% at 30
June2010 and up marginally from 93.6% at 30 September 2009 *
Operating margin increased to 89.6% compared to 79.6% at 30 September
2009, reflecting the ongoing strong progress in improving
operational efficiencies. * Net rental income ("NRI") grew by 12.8%
to E100.2 million (30 September 2009: E.88.8 million) *
Like-for-like NRI increased by 8.8% to E89.9 million (30 September
2009:E82.7million) * Gross rental income ("GRI") remained stable at
E111.8 million (30 September 2009: E111.5 million) * Like-for-like
GRI decreased 2.2% to E99.1 million (30 September2009: E101.4
million) * Borrowings were flat compared to 30 June 2010 at E426.1
million, but reduced significantly from E658.8million at 31
December 2009 * Cash balance decreased marginally to E383.1 million
compared to E386.4 million at 30 June 2010 (31December 2009: E610.7
million) * In October 2010 Fitch upgraded the Company's Senior
Unsecured Credit Rating and Long-term Issuer Default Rating ("IDR")
by two levels to 'BB+' from 'BB-', with a 'Stable' outlook.
Atrium's Short-term IDR was affirmed as 'B' * E0.03 dividend, paid
as capital repayment on 30 September 2010, with a further E0.03
quarterly dividend to be paid on 31 December 2010 with an ex date
of 22 December 2010 and a record date of 24December 2010 * The Board
has approved an increase in dividend policy from E0.12 to E0.14 per
ordinary share per year (subject to any legal and regulatory
requirements and restrictions of commercial viability), to be
declared and paid quarterly. This increase will apply in respect of
the first payment in 2011, which is expected on 31 March 2011.

Commenting on the results, Rachel Lavine, CEO of Atrium European Real
Estate, said:

"The continued stabilisation of the economic and real estate markets
across Central and Eastern Europe and the gains we have made in terms
of Atrium's operational efficiency are reflected in an improved third
quarter performance."

"We have made solid progress throughout the period and are excited
about the improved quality, and value creation opportunities within
our asset base. In light of these results and the ongoing economic
stabilisation in our chosen markets, we remain confident about
Atrium's prospects and this is reflected in our decision to increase
the Company's annual dividend."

-Ends-

A full version of the third quarter 2010 results can be found on the
Atrium page of the Vienna Börse website at http://en.wienerborse.at/
and on the Company's page of the Euronext Amsterdam website,
www.euronext.com or on the Company's website at
www.aere.com/Files/FinancialReports/Q3report2010german.pdf.

For further information:

Financial Dynamics:
Richard Sunderland +44(0)20 7831 3113
Laurence Jones

Will Henderson
Atrium@fd.com

end of announcement euro adhoc
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ots Originaltext: Atrium European Real Estate Limited
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Financial Dynamics, London

Richard Sunderland / Laurence Jones

Phone: +44 (0)20 7831 3113

mailto:richard.sunderland@fd.com

Branche: Real Estate
ISIN: JE00B3DCF752
WKN:
Index: Standard Market Continous
Börsen: Wien / official market