EANS-Adhoc: Atrium European Real Estate Limited / Q3 2011 Results

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9-month report

15.11.2011

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

Q3 2011 RESULTS SHOW CONTINUED MOMENTUM FOLLOWING A STRONG FIRST HALF AND
FURTHER PROGRESS WITH ACQUISITION STRATEGY

Announcement of increase in dividend to EUR0.17 commencing Q1 2012

Jersey, 15 November 2011. Atrium European Real Estate Limited
(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 third
quarter ended 30 September 2011.

Financial Highlights: - Gross rental income ("GRI") increased by
12.9% to EUR126.3m (9M 2010: EUR111.8m), with an increase in
like-for-like GRI of 8.2% to EUR113.8m (9M 2010: EUR105.2m) - Net
rental income ("NRI") increased by 14.8% to EUR115.1m (9M 2010:
EUR100.2m), with an increase in like-for-like NRI of 10.4% to
EUR104.8m (9M 2010: EUR94.8m) - The operating margin increased to
91.1% (9M 2010: 89.6%) - EBITDA excluding the valuation result
increased by 50.2% or EUR38.1m to EUR114m (9M 2010: EUR75.9m) as a
result of one-off profits from the sales of land plots and the
conclusion of the Company´s agreement with Multi development -
Profit before taxation increased by 39% to EUR167.2m (9M 2010:
EUR120.3m) - Adjusted EPRA earnings per share increased 23.5% to
EUR0.21 (9M 2010: EUR0.17) - EPRA Net asset value ("NAV") per
ordinary share increased to EUR6.33 (2010: EUR6.02) - Net cash
generated from operating activities amounted to EUR69.7m (9M
2010: EUR70.3m) - The income producing portfolio increased in
value to EUR2bn as at 30 September 2011 (2010: EUR1.5bn) mainly
as a result of the EUR171m and EUR191m acquisitions of
Promenada and Palác Flóra respectively, as well as a
revaluation of EUR112.4m - The developments and land portfolio was
devalued by EUR30.6m during the nine month period and was valued
at EUR592.3m as at 30 September 2011 (2010: EUR634.6m) - Cash
position remains strong at EUR289.5m - Borrowings increased to
EUR561.6m as at 30 September 2011 (31 December 2010: EUR425.2m),
as a result of the acquisitions detailed above - Dividend payments of
EUR0.035 per share made on 31 March, 30 June and 30 September
2011 following an increase in annual dividend to EUR0.14 compared
to EUR0.12 in 2010. On 14 October 2011, Atrium´s board approved a
further increase in the Company´s dividend policy to EUR0.17
commencing Q1 2012.

Operational highlights and post-period events:

- Weighted average occupancy level increased to 97.0% (9M 2010:
94.7%) - Completion of EUR191m acquisition of the 37,600 sqm
Palác Flóra shopping centre in Prague on 26 September 2011. Palác
Flóra is one of the prime shopping centres in Prague - Conclusion
of the settlement agreement with Multi Investment BV ("Multi") in
July which resulted in Atrium receiving net cash of approximately
EUR64 million and generating a profit of EUR15 million. The
agreement, which also terminated the business relationship between
the two parties, covered five projects in total:

- Sale of 100% of Atrium´s shares in the company that owns Trabzon shopping
centre, Turkey, to Multi.
- Acquisition of the remaining 49.9% of the shares in the company that owns
Koszalin shopping Centre, Poland, from Multi. Koszalin is now 100% owned
by Atrium.
- Acquisition of the remaining shares in three companies which respectively
own a development project in Sofia, Bulgaria, and in Balcova and Tem in
Turkey.

- EUR14.5m sale of a further land plot at Sanliurfa, Turkey, in
September, at above book value - as with previously announced sales
of three land plots in Turkey and a Russian residential scheme -
Completion of the EUR171 million acquisition of Promenada, one of
Warsaw´s top shopping centres, in May 2011 - Ratings upgrades
announced in October, with Standard and Poor´s upgrading Atrium´s
long-term credit rating to `BB+´ and Fitch affirming its BB+ rating,
but upgrading its outlook to positive.

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

"Over the course of 2011 we have made good progress in achieving our
aim of becoming the market leading owner of supermarket anchored
shopping centres in Central and Eastern Europe. I am very pleased
with the double digit growth in like-for-like rental income, as
well as improved profitability and EDITDA, but also in the
delivery of our strategic aims. In this respect we have
strengthened our portfolio through the acquisition of two prime
shopping centres in the capital cities of Prague and Warsaw, improved
our existing portfolio through numerous asset management initiatives
and seen a strengthening of our corporate credit rating.

"However, while we are in a financially robust position, we are aware
of the ongoing uncertainty around the Eurozone´s economic prospects
and will continue to take a thorough and prudent approach across
all our operations."

This announcement is a summary of, and should be read in conjunction
with the full version of the Group´s third quarter 2011 results,
which can be found on the Atrium page of the Vienna Börse website
at http://en.wienerborse.at/ and on the Group´s page of the Euronext
Amsterdam website, www.euronext.com or on the Group´s website at
www.aere.com.

Further information can be found on Atrium´s website www.aere.com or
from:

FTI Consulting Inc: +44 (0)20 7831
3113 Richard Sunderland Will Henderson Toyah Simpson
atrium@fticonsulting.com

Atrium is established as a closed-end investment company domiciled in
Jersey. Atrium is registered with the Dutch Authority for the
Financial Markets as a collective investment scheme which may offer
participations in The Netherlands pursuant to article 2:66 of the
Financial Supervision Act (Wet op het financieel toezicht). All
investments are subject to risk. Past performance is no guarantee of
future returns. The value of investments may fluctuate. Results
achieved in the past are no guarantee of future results.

Further inquiry note:
Financial Dynamics, London
Richard Sunderland / Laurence Jones
Phone: +44 (0)20 7831 3113
mailto:richard.sunderland@fd.com

end of announcement euro adhoc
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issuer: Atrium European Real Estate Limited
Seaton Place 11-15
UK-JE4 0QH St Helier Jersey / Channel Islands
phone: +44 (0)20 7831 3113
mail: Richard.sunderland@fd.com
WWW: http://www.aere.com
sector: Real Estate
ISIN: JE00B3DCF752
indexes: Standard Market Continuous
stockmarkets: official market: Wien
language: English