Aroundtown falls on mixed FY results, lack of 'robust' 2024 guidance

Aroundtown SA

27/03/2024 08:18

** Shares in German property firm Aroundtown  AT1.DE  are
down 8% after it reported full-year results that partially
missed expectations and 2024 outlook that failed to impress
markets
    ** The Luxembourg-based company yesterday announced the
suspension of its dividend for 2023 citing ongoing market
uncertainties, and in order to support cash preservation
    ** J.P. Morgan says results were mixed, with European Public
Real Estate Association Net Tangible Assets (EPRA NTA) below
expectations at 7.4 euros per share versus a consensus of 7.8
euros per share
    ** It adds that FFO guidance for 2024 was in line with
market expectations, falling to between 0.26 and 0.28 this year
versus consensus at 0.26 
    ** "We continue to see better opportunities elsewhere in
listed real estate where leverage is lower and the operational
outlook is more robust," JPM says
    ** The real estate company is currently at the bottom of
Germany's mid-cap index .MDAXI  in early Frankfurt trade

 (Reporting by Chiara Holzhaeuser)
 ((Chiara.Holzhaeuser@thomsonreuters.com))