EANS-Adhoc: Atrium European Real Estate Limited / FIRST QUARTER 2013 RESULTS SHOW RESILIENT GROWTH AND INCREASED OPERATIONAL PROFITABILITY

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Earnings/quarterly report
24.05.2013

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

FIRST QUARTER 2013 RESULTS SHOW RESILIENT GROWTH AND INCREASED
OPERATIONAL PROFITABILITY

Ad hoc announcement - Jersey, 24 May 2013. Atrium European Real
Estate Limited (VSE/ Euronext: ATRS), a leading owner, operator and
developer of retail real estate and shopping centres in Central and
Eastern Europe, announces its results for the quarter ended 31 March
2013.

Highlights: - Gross rental income ("GRI") increased by 4.1% to
EUR50.6m (Q1 2012: EUR48.6m), with an increase in EPRA
like-for-like GRI of 2.8% to EUR49.9m (Q1 2012: EUR48.5m) - Net
rental income ("NRI") increased by 4.4% to EUR47.2m (Q1 2012:
EUR45.3m), with an increase in EPRA like-for-like NRI of 2.9% to
EUR46.6m (Q1 2012:EUR45.2m) - Operating margin increased to 93.4%
(Q1 2012: 93.1%) - EPRA occupancy rates steady at 97.9% - EBITDA,
excluding revaluation and disposals, increased by 6.1% to EUR40.0m
(Q1 2012: EUR37.7m) - 15.7% rise in net operating profit to EUR47.8m
(Q1 2012: EUR41.3m) - Profit before taxation was EUR33.0m (Q1 2012:
EUR49.2m) due to the effect of largely unrealised, non-cash,
foreign exchange losses of EUR22.6m - Group adjusted EPRA earnings
per share increased by 4.7% to EUR0.09 (Q1 2012: EUR0.086) - EPRA
Net asset value ("NAV") per ordinary share increased by 0.8% to
EUR6.49(FY 2012: EUR6.44) after distributing a dividend of EUR0.05
per share. The value of the Group's 156 standing investments grew
by 0.6% to EUR2.2bn, with over EUR1.0bn located in Poland - Cash
position of EUR192.4m as at 31 March 2013 - Borrowings of EUR535.3m
as at 31 March 2013 (FY 2012: EUR537.1m) and a gross and net LTV
of 19.5% and 12.5% respectively - Dividend payment of EUR0.05 per
share with 2013's second quarterly payment due on 28 June 2013 to
shareholders on the register at 21 June 2013 with an ex-date of 19
June 2013 - EUR350 million successfully raised in April through the
placing of a 3.7 times over-subscribed unsecured seven year
Eurobond bearing a 4.0% fixed coupon. Both Standard & Poor's and
Fitch assigned a BBB- investment grade credit rating to the bond -
Continued progress made at our Lublin Felicity development in Poland
with the project now substantially pre-let at 87%, with an average
lease length of approximately six years, and on target to open in
early 2014

Commenting on the results, Rachel Lavine, CEO of Atrium European Real
Estate, said: "We have a made an encouraging start to the year,
having delivered growth in both gross and net rental income on an
absolute and like-for-like basis which has flowed through to growth
in our EPRA earnings and net asset values. While we remain very
mindful of the wider macroeconomic situation across Europe, given the
quality of our portfolio and expertise of our team, I continue to
believe that we are well placed to achieve our aims.

"I was also very pleased with the investor support we received for
our bond issue, which was well oversubscribed and raised EUR350
million. This was a real endorsement of the progress we have made at
the company and has provided us with substantial financial liquidity
to support our strategy for growth."

This announcement is a summary of, and should be read in conjunction
with the full version of the Group's Q1 2013 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 lpopova@aere.com

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:
Richard Sunderland, FTI Consulting Inc
+44 (0)20 7831 3113
atrium@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