Aroundtown Reports Stable Q1 2024 Results, Confirms Positive Outlook

Aroundtown SA has announced its financial results for Q1 2024, reporting net rental income of €293 million, a slight decrease of 1% year-over-year. The company successfully offset the impact of disposals through a like-for-like rental income growth of 2.8%.

Adjusted EBITDA saw a 1% increase, reaching €247 million, driven by rental income growth and improved cost efficiency. Funds from Operations (FFO I) stood at €76 million, equivalent to €0.07 per share, aligning with the 2024 guidance.

Net profit for the period was €102 million, with earnings per share of €0.04. The EPRA Net Tangible Assets (NTA) remained stable at €8.1 billion or €7.4 per share. The Loan-to-Value (LTV) ratio was consistent at 43%.

Aroundtown completed €110 million in disposals in Q1, with an additional €200 million signed year-to-date. The company’s unencumbered assets amounted to €18 billion, offering significant financing options.

The company also executed a substantial perpetual exchange, reducing outstanding perpetual notes to €4.5 billion and improving its credit metrics and access to capital markets. This initiative is expected to be FFO accretive post-2024.