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Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
THIRD QUARTER RESULTS

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
9-month report
22.11.2010
Atrium European Real Estate Limited
("Atrium" the "Company" or the "Group")
THIRD QUARTER RESULTS SHOW STRONG OPERATIONAL AND FINANCIAL 
PERFORMANCE
INCREASE IN ANNUAL DIVIDEND ANNOUNCED
Jersey, 22 November 2010. Atrium European Real Estate (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 nine months and third 
quarter ended 30September2010.
Highlights: * Profit before tax of E120.3 million for the nine months
to 30 September 2010   (2009: loss of E374.5million) * EBITDA 
excluding revaluation increased 18.7% to E75.9 million for the nine  
months to 30 September 2010 (2009:E64.0million) * Net cash from 
operating activities increased 54.4% to E70.3 million compared   to 
E45.5million for the corresponding nine month period last year * EPRA
Net Asset Value per ordinary share up 5.0% to E6.07 compared to E5.78
at   31December 2009 (30June 2010: E6.04) * Value of standing 
investments increased to E1.547 billion compared to E1.475   billion 
at 31December2009 and E1.537 billion at 30 June2010 * Weighted 
average occupancy remained stable at 94.7% compared to 94.7% at   30 
June2010 and up marginally from 93.6% at 30 September 2009 * 
Operating margin increased to 89.6% compared to 79.6% at 30 September
2009,   reflecting the ongoing strong progress in improving 
operational   efficiencies. * Net rental income ("NRI") grew by 12.8%
to E100.2 million (30 September 2009:   E.88.8 million) * 
Like-for-like NRI increased by 8.8% to E89.9 million (30 September   
2009:E82.7million) * Gross rental income ("GRI") remained stable at 
E111.8 million (30 September   2009: E111.5 million) * Like-for-like 
GRI decreased 2.2% to E99.1 million (30 September2009: E101.4   
million) * Borrowings were flat compared to 30 June 2010 at E426.1 
million, but reduced   significantly from E658.8million at 31 
December 2009 * Cash balance decreased marginally to E383.1 million 
compared to E386.4   million at 30 June 2010 (31December 2009: E610.7
million) * In October 2010 Fitch upgraded the Company's Senior 
Unsecured Credit Rating   and Long-term Issuer Default Rating ("IDR")
by two levels to 'BB+'   from 'BB-', with a 'Stable' outlook.  
Atrium's Short-term IDR was affirmed   as 'B' * E0.03 dividend, paid 
as capital repayment on 30 September 2010, with a   further E0.03 
quarterly dividend to be paid on 31 December 2010 with an ex   date 
of 22 December 2010 and a record date of 24December 2010 * The Board 
has approved an increase in dividend policy from E0.12 to E0.14 per  
ordinary share per year (subject to any legal and regulatory 
requirements and   restrictions of commercial viability), to be 
declared and paid quarterly.   This increase will apply in respect of
the first payment in 2011, which is   expected on 31 March 2011.
Commenting on the results, Rachel Lavine, CEO of Atrium European Real
Estate, said:
"The continued stabilisation of the economic and real estate markets 
across Central and Eastern Europe and the gains we have made in terms
of Atrium's operational efficiency are reflected in an improved third
quarter performance."
"We have made solid progress throughout the period and are excited 
about the improved quality, and value creation opportunities within 
our asset base. In light of these results and the ongoing economic 
stabilisation in our chosen markets, we remain confident about 
Atrium's prospects and this is reflected in our decision to increase 
the Company's annual dividend."
-Ends-
A full version of the third quarter 2010 results can be found on the 
Atrium page of the Vienna Börse website at http://en.wienerborse.at/ 
and on the Company's page of the Euronext Amsterdam website, 
www.euronext.com or on the Company's website at 
www.aere.com/Files/FinancialReports/Q3report2010german.pdf.
For further information:
Financial Dynamics:
Richard Sunderland                             +44(0)20 7831 3113
Laurence Jones
Will Henderson 
Atrium@fd.com
end of announcement                               euro adhoc

Further inquiry note:

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

Branche: Real Estate
ISIN: JE00B3DCF752
WKN:
Index: Standard Market Continous
Börsen: Wien / official market

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