EANS-Adhoc: Atrium European Real Estate Limited / THIRD QUARTER 2015 RESULTS SHOW CONTINUED UNDERLYING PERFORMANCE IN CORE MARKETS

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quarterly or semiannual financial statement
12.11.2015

Atrium European Real Estate Limited
("Atrium")

THIRD QUARTER 2015 RESULTS SHOW CONTINUED UNDERLYING PERFORMANCE IN
CORE MARKETS

Ad hoc announcement - Jersey, 12 November 2015. Atrium European Real
Estate Limited (VSE/ Euronext: ATRS) (the "Company" and together with
its subsidiaries, the "Group"), a leading owner, operator and
developer of shopping centres and retail real estate in Central and
Eastern Europe, announces its interim results for the third quarter
and nine months ended 30 September 2015.

Highlights: - Gross rental income ("GRI") of EUR155.0m (9M 2014:
EUR160.2m), with an EPRA like-for-like GRI of EUR129.3m (9M 2014:
EUR144.0m).

- Net rental income ("NRI") of EUR147.4m (9M 2014: EUR153.4m), with
an EPRA like-for-like NRI of EUR124.1m (9M 2014: EUR141.1m):

- excluding Russia, the Group's NRI increased by 7.0% and like-for-like
EPRA NRI was flat; and
- the main driver behind the decrease in income was the tactical rental
discounts provided to tenants in the Group's Russian portfolio in an
effort to protect occupancy levels, as the economic situation in Russia
remains challenging.

- The operating margin in our core markets of Poland, Czech Republic
and Slovakia remained strong at 97.7%, while the Group operating
margin fell only slightly from 95.8% to 95.1% despite the adverse
performance in Russia.

- EPRA occupancy rates as at 30 September 2015 decreased marginally
to 96.3% 31 December 2014: 97.4%). Russian occupancy remained high
at 95.1%, as a result of the tactical rental discounts referred to
above.

- EBITDA, excluding revaluation and disposals, decreased by 7.8% to
EUR122.0m (9M 2014: EUR132.2m).

- In the first nine months of 2015, our Russian portfolio (including
land and development) was devalued by EUR96m. In contrast, in our
other markets we benefitted from a revaluation of EUR28m resulting
from yield compression.

- Profit after taxation was EUR18.0m compared to EUR58.5m for the
same period in 2014 mainly as a result of: - an EUR8.2m
increase in NRI from our core markets offset by a EUR13.8m

decline in Russian NRI;
- an EUR8.2m increase in administrative expenses (mainly legacy legal
costs);
- a EUR10.6m charge from the strategic disposal of non-core assets in the
Czech Republic, due to a reclassification of a currency translations
reserve which had no net impact on the Group's equity;
- a further devaluation of EUR27.5m across the whole portfolio versus last
year;
- a EUR27.3m increase in finance expenses (largely due to bond buyback
costs, the early repayment of a bank loan in Poland, higher interest
expenses due to the bond issuance and foreign exchange differences); and
- the above items were partially offset by EUR4.1m of profit generated
from the 75% share in the Arkády Pankrác shopping centre in Prague and a
higher deferred tax credit of EUR35.5 million, mainly related to the
release of deferred tax liabilities on certain Polish assets following a
Polish holdings restructuring.

- Company adjusted EPRA earnings per share decreased by 12.1% to 24.7
EURcents (9M 2014: 28.1 EURcents).

- The strategic disposal of a further five non-core assets in the
Czech Republic, following which total 77 non-core assets have been
sold for a total consideration of EUR83 million YTD, resulting in
the Group's portfolio now consisting of 77 properties with a total
value of EUR2.7bn.

- Total assets of EUR3,319.9m with a cash position of EUR245.6m (31
December 2014: EUR425.2m) and borrowings of EUR1,013.1m as at 30
September 2015 (31 December 2014: EUR1,068.1m), representing a
gross and net LTV of 33.6% and 25.5% respectively. Unencumbered
borrowings were 83.9% as at 30 September 2015 (31 December 2014
64.9%).

- EPRA net asset value ("NAV") per ordinary share decreased slightly
to EUR5.80 (31 December 2014: EUR6.08) after first, second and
third quarter dividend distributions of EUR0.0675 per share.

- A fourth quarter dividend of EUR0.0675 per share is due to be paid
as a capital repayment on 29 December 2015 to shareholders on the
register at 22 December 2015, with an ex-dividend date of 21
December 2015.

- At its meeting on 11 November 2015, the Company's Board of
Directors approved a consistent annual dividend of EUR0.27 per
share for 2016 which will be paid in equal quarterly instalments
commencing at the end of March 2016 (subject to any legal and
regulatory requirements and restrictions of commercial viability).

Operational highlights during and after the period:

Investment properties - Completed the strategic sales of two
portfolios of non-core retail assets in the Czech Republic, one
comprising 72 assets and the second of five assets, which were sold
for a consideration of EUR69m and EUR14m in January and October
2015, respectively.

- Completed the acquisition of a 75% interest in the Arkády Pankrác
shopping centre in Prague in June, for a consideration of EUR162m.

- Opened the 17,300 sqm extension of the Atrium Copernicus shopping
centre in Torun, Poland in March 2015.

Financing transactions - In May 2015, successfully issued EUR150m
3.625% notes due in October 2022, which have been consolidated and
form a single series with the EUR350m 3.625% bond due in October
2022 (issued in October 2014). The issue price was 106.395%,
reflecting a yield of 2.9%. The cash proceeds amounted to EUR159.6m.

- Completed a voluntary repayment of a bank loan from
Berlin-Hannoversche Hypoteken AG in Poland for a total amount of
EUR105.3m (including fees) in May 2015.

- Repurchased bonds issued in 2005 and due in 2017, with a nominal
value of EUR81 million.

- In October 2015, signed a new five-year unsecured revolving credit
facility for a total of EUR125 million, which comprises EUR100
million of new credit and an existing EUR25 million facility which
has been extended.

Commenting on the results, Josip Kardun, Group CEO, said: "The
optimisation of the Group's portfolio remains our firm priority and
we have continued to work hard towards this goal through the
acquisition of a prime asset - Arkády Pankrác shopping centre in
Prague, the strategic disposal of non-core assets, maintaining
occupancy in Russia and our key development project at Atrium
Promenada in Warsaw. In addition, we focused on our strategy of
building a stronger and more efficient capital structure for the
Group as well as significantly improved liquidity."

This announcement is a summary of, and should be read in conjunction
with the full version of the Group's Q3 2015 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 3727 1000
Richard Sunderland
Claire Turvey
Ellie Sweeney
atrium@fticonsulting.com

Atrium is established as a closed-end investment company incorporated
and domiciled in Jersey and regulated by the Jersey Financial
Services Authority as a certified Jersey listed fund, and is listed
on both the Vienna Stock Exchange and the NYSE Euronext Amsterdam
Stock Exchange. Appropriate professional advice should be sought in
the case of any uncertainty as to the scope of the regulatory
requirements that apply by reason of the above regulation and
listings. 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 3727 1000
Richard Sunderland
Claire Turvey
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, stock market: Luxembourg Stock Exchange
language: English