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Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
FIRST QUARTER RESULTS DELIVER PROFIT AND SHOW CONTINUED IMPROVEMENTS IN EFFICIENCY

  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.
3-month report
19.05.2010
Atrium European Real Estate Limited
("Atrium" or the "Group")
FIRST QUARTER RESULTS DELIVER PROFIT AND SHOW CONTINUED IMPROVEMENTS 
IN EFFICIENCY
Jersey, 19 May 2010.  Atrium European Real Estate (ATX/EURONEXT: 
ATRS), a leading Central and Eastern European real estate business 
focused on shopping centre investment, management and development, 
announces its results for the first quarter ended 31March2010.
Highlights: * Profit before tax of E46.3 million (Q1 2009: loss of 
E259.5 million;   FY2009:loss of E486.6million) * Net cash from 
operating activities grew 213% to E28.3 million compared to   
E9.0million for the corresponding period last year (FY2009: E64.7 
million) * EBITDA excluding revaluation and other exceptional items 
up 21% to E25.6   million (Q12009:E21.2 million; FY2009: 
E90.9million) * EPRA Net asset value ("NAV") per ordinary share up 
2.2% to E5.91 compared to   E5.78 at 31December 2009 * Margin 
improved to 88% compared to 77% in Q1 2009 (FY 2009: 81%) * Value of 
standing investments increased to E1.499 billion compared to E1.475  
billion at 31December2009 * Developments and land portfolio valued at
E692.0 million compared to E666.1   million at 31December 2009 * 
Weighted average occupancy increased slightly to 94.2% (Q1 2009: 
93.4%) * Gross rental income remained stable at E37.2 million (Q1 
2009: E37.1 million;   FY2009:E148.8million) with like-for-like gross
rental income down by 4.3% to   E32.8 million (Q12009: E34.3 million;
FY2009:E112.3million), both reflecting   the temporary rental 
discounts given since mid 2009 * Improved operational efficiencies 
reflected in net rental income growth of   14% to E32.7 million 
(Q12009: E28.7 million; FY2009: E121.3 million).  Like-   for-like 
net rental income decreased by 1.8% to E28.9 million (Q12009: E29.4  
million; FY2009:E98.6million) * Borrowings decreased from E658.8 
million, as at 31 December 2009, to E580.2   million as at 31 March 
2010, following the repurchase of just over E80   million of 2006 
Notes in January 2010 at 95% of nominal value * Cash balance remained
strong at E542.7 million at 31 March 2010  
(31December2009:E610.7million) * E0.03 dividend paid on 31 March 
2010, with a further E0.03 quarterly dividend   to be paid on 30June 
with an ex date of 22 June and a record date of 24 June   2010.
Commenting on the results, Rachel Lavine, CEO of Atrium European Real
Estate, said:  "The positive trend in our markets, which began during
the second half of 2009, continued into the first three months of 
2010.  This is reflected in today's results and I am pleased to be 
able to report a profit before tax for the first time since we took 
the helm of the company.  We also recorded a 21% improvement in 
EBITDA and saw an increase in the value of both our portfolio of 
standing investments and our development and land pipeline.  We have 
continued to maintain occupancy at around 94% and our efforts in 
improving the efficiency have allowed us to further increase our 
margin to 88%, as well as increase net rental income by 14%.
"Atrium's strong cash position and low leverage, as well as its 
portfolio of increasingly efficient income producing assets and the 
value that is latent in its development pipeline allow me to look to 
the future with confidence."
This announcement is a summary of, and should be read in conjunction 
with, the full version of the Company's first quarter 2010 results 
which 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.comor on the Company's website at 
www.aere.com.
For further information: Financial Dynamics:                         
+44 (0)20 7831 3113 Richard Sunderland Laurence Jones  
Richard.sunderland@fd.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.
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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