EANS-Adhoc: Atrium European Real Estate Limited / Q1 2012 RESULTS SHOW RESILIENT GROWTH AND INCREASED PROFITABILITY

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quarterly report

11.05.2012

Atrium European Real Estate Limited
("Atrium")

Q1 2012 RESULTS SHOW RESILIENT GROWTH AND INCREASED PROFITABILITY

Ad hoc announcement - Jersey, 11 May 2012. 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 quarter ended 31 March 2012.

Highlights: * Gross rental income ("GRI") increased by 14.9% to
E48.6m (Q1 2011: E42.3m), with an increase in like-for-like GRI of
5.1% to E40.9m (Q1 2011: E38.9m)

* Net rental income ("NRI") increased by 17.4% to E45.3m (Q1 2011:
E38.5m), with an increase in like-for-like NRI of 6.9% to E37.8m
(Q1 2011: E35.3m)

* Operating margin increased to 93.1% (Q1 2011: 91.2%)

* EPRA occupancy rates steady at 97.5%

* EBITDA, excluding revaluation, increased by 48.6% or E12.5m to
E38.0m (Q1 2011:E25.5m)

* Profit before taxation increased by 86.4% to E49.2m (Q1 2011:
E26.4m)

* Adjusted EPRA earnings per share increased 50% to E0.09 (Q1 2011:
E0.06)

* EPRA Net asset value ("NAV") per ordinary share increased 0.3% to
E6.38 (FY 2011: E6.36)

* Net cash generated from operating activities grew 22% to E31.6m (Q1
2011: E25.9m)

* The income producing portfolio comprises 155 assets valued at
E2.098bn (31 December 2011: E2.077bn; 31 March 2011: E1.511bn)

* Cash position of E232.5m as at 31 March 2012

* Borrowings of E567.6m as at 31 March 2012 (FY 2011: E568.0m) and a
gross and net LTV of 21.2% and 12.5% respectively

* Acquired from venture partner the outstanding 23% stake not already
owned in certain Russian subsidiaries for a total consideration,
including costs, of E9.0 million

* Dividend payments increased by 21.4% to E0.0425 in Q1 2012 (Q1
2011: E0.035) with 2012's second quarterly payment due on 29 June
to shareholders on the register at 22 June

* Awarded the "Investor of the Year" award at the 2011 Europa
Property CEE Retail Awards, for the second year running, on 9
February 2012, and also named as the "Investor of the Year" at the
Central and Eastern European Real Estate Quality Awards (in
cooperation with Financial Times) on 17 April 2012.

Commenting on the results, Rachel Lavine, CEO of Atrium European Real
Estate, said: "Against a continued backdrop of economic uncertainty
we performed well, posting 6.9% growth in like-for-like net rental
income growth as well as increased profitability; driven primarily by
the impact of our 2011 acquisitions and a strong performance in
Russia. These results underpin our confidence in our ability to
create value, although the ongoing issues in the Eurozone and their
resultant impact on our areas of operation mean that we must continue
to exercise caution when implementing our strategy for growth both in
terms of acquisition and development."

This announcement is a summary of, and should be read in conjunction
with the full version of the Group's Q1 2012 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:

Analysts:

Ljudmila Popova +31 (0)20 718 4564

Press & Shareholders:
FTI Consulting Inc +44 (0)20 7831 3113
Richard Sunderland

Will Henderson
Daniel O'Donnell
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:
For further information:
FTI Consulting Inc.:
+44 (0)20 7831 3113
Richard Sunderland
Will Henderson
Richard.sunderland@fticonsulting.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@fticonsulting.com
WWW: http://www.aere.com
sector: Real Estate
ISIN: JE00B3DCF752
indexes: Standard Market Continuous
stockmarkets: official market: Wien
language: English