Société de la Tour Eiffel Société Anonyme reported consolidated earnings results for the full year of 2012. For the year, the company reported rental income of EUR 69.5 million compared to EUR 69.4 million a year ago. EPRA earnings were EUR 34.0 million compared to EUR 30.6 million a year ago. Net loss (group share) was EUR 6.1 million compared to net income (group share) of EUR 29.4 million a year ago, mainly due to negative valuation adjustments on the portfolio of EUR 30 million and hedging instruments of EUR 8.3 million. Recurring cash flow was EUR 35.7 million compared to EUR 33.0 million a year ago. EPRA earnings were EUR 5.6 per share compared to EUR 5.3 per share a year ago. Recurring cash flow was EUR 5.8 per share compared to EUR 5.8 per share a year ago.

The company announced that following the 2012 interim dividend of EUR 2.10 per share paid last October, the board of directors has decided to propose to the AGM on May 30, 2013 next the payment of a final dividend of EUR 2.10 per share, that is an overall distribution of EUR 4.20 per share for 2012, representing 72% of the net recurring cash flow paid in cash or in shares at the election of each shareholder.

For 2013, the company intends to continue its emphasis on deleveraging by announcing a temporary change in its distribution policy and lowering its dividend objective to EUR 3.20 per share paid in cash.

Jerome Descamps announced his resignation from his position as Deputy Managing Director and board member and will leave the company at the end of March; the new Chief Financial Officer will take over his duties early in April.