REG-Aroundtown SA Aroundtown SA announces 9M 2024 results with continued strong operational results on track to upper end of FY2024 guidance

Aroundtown SAAnnouncement

27/11/2024 06:00

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Aroundtown SA (IRSH)
Aroundtown SA announces 9M 2024 results with continued strong operational results on track to upper end of FY2024
guidance

27-Nov-2024 / 06:50 CET/CEST
The issuer is solely responsible for the content of this announcement.

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THIS ANNOUNCEMENT IS NOT  FOR RELEASE, PUBLICATION  OR DISTRIBUTION, DIRECTLY  OR INDIRECTLY, IN  OR INTO THE  UNITED
STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A  VIOLATION
OF APPLICABLE LAWS OR REGULATIONS

   AROUNDTOWN ANNOUNCES 9M 2024 RESULTS WITH CONTINUED STRONG OPERATIONAL RESULTS ON TRACK TO UPPER END OF FY2024
                                                      GUIDANCE

  • Net rental income of €883 million in 9M 2024, slightly down by 1% compared to €895 million in 9M 2023, primarily
    impacted by net disposals, partially offset by solid like-for-like rental growth of 3%.
  • Adjusted EBITDA amounted to €758 million, increasing by 1% compared to €748 million in 9M 2023.
  • FFO I of €236 million down from €255 million in 9M 2023. FFO I per share amounted to €0.22 per share in 9M 2024,
    down slightly from €0.23 per share in 9M 2023.
  • Net loss of €154 million and basic loss per share of €0.21 in 9M 2024 mostly due to negative property
    revaluations in the first half of 2024, partially offset by operational growth. The portfolio has not been
    revalued in the third quarter of 2024.
  • EPRA NTA of €7.8 billion as of the end of September 2024, compared to €8.1 billion as of December 2023. EPRA NTA
    per share of €7.1 as of the end of September 2024 compared to €7.4 as of December 2023.
  • LTV of 44% as at the end of September 2024, stable compared to 43% as of December 2023.
  • Unencumbered assets ratio of 72% of total rent, representing €16.9 billion of value.
  • Signed disposals amounting to ca. €630 million in 2024 YTD. 9M 2024 closed disposals ca. €440 million, around
    book values.
  • Full year guidance 2024 confirmed at the upper end.
  • First green certifications of hotels received, 58% of offices are certified. 

27 November 2024.

Aroundtown (‘the Company’ or ‘AT’) announces results for the nine months of 2024 (“9M 2024”), with net rental  income
of €883 million, slightly down  1% compared to €895 million  in 9M 2023. The  like-for-like  rental growth of 3%  was
offset by the impact of net disposals in the period. Adjusted EBITDA totaled €758 million in 9M 2024, higher by 1% as
compared to €748 million reported in  9M 2023, as the increased operational  profitability offset the decline in  net
rental income. The FFO I amounted to €236 million, or €0.22 per share in the nine months of 2024, lower by 8% and  4%
respectively compared to €255 million and €0.23 per share in the nine-month period of 2023 mostly due to the expected
higher finance expenses and perpetual notes attribution. With results in-line with expectations, Aroundtown  confirms
its FY 2024 FFO guidance in the range of €290-€320 million and expects to meet the upper end of the range.

FURTHER STRENGTHENED BALANCE SHEET

The Company continued its measures to further strengthen the  balance sheet through the issuance of €1.15 billion  of
senior unsecured bonds in  July, on top of  ca. €325 million  of new bank financing  signed year-to-date. The  strong
access to capital has been further supported by the perpetual note exchange and tender offers in April and  September
2024, through which €2.6  billion of perpetual notes  were issued and  a ca. €300 million  of nominal perpetual  note
balance reduction was achieved during the period, resulting  in a reduction of perpetual note coupons and  supporting
the FFO  over the  long term  while  also supporting  the Company’s  credit  rating metrics  under the  S&P’s  rating
methodology. Proceeds from the bond  issuance were used for  the redemption and buyback  of bonds amounting to  €1.15
billion during the period, thereby extending  the debt maturity profile. The  balance sheet was further supported  by
signed disposals amounting to  ca. €630 million year-to-date,  while the Company closed  disposals amounting to  €440
million in 9M 2024 around book value.  As of September 2024 LTV stands at  44%, compared to 43% in December 2023  and
45% in June 2024.

The Interim Consolidated Report for 9M 2024 is available on the Company’s website:

 1 https://www.aroundtown.de/investor-relations/publications/financial-reports/   

For definitions and reconciliations of the Alternative Performance Measures, please see the relevant sections in  the
pages 40-45 of the Interim Consolidated Report for 9M 2024. You can find the Interim Consolidated Report for 9M  2024
on AT’s website under Investor Relations > Publications > Financial Reports or under this link:

 2 https://www.aroundtown.de/aroundtown.de/Data_Objects/Downloads/Financial_Reports/Q3_2024_Financials/AT_Q3_2024.pdf

About the Company

Aroundtown SA (symbol: AT1), trading on the Prime Standard of the Frankfurt Stock Exchange, is the largest listed and
highest rated (BBB+ by S&P)  German commercial real estate company.  Aroundtown invests in income generating  quality
properties with value-add potential in central locations in top tier European cities mainly in Germany/NL.

Aroundtown SA (ISIN: LU1673108939) is a public limited liability company (société anonyme) established under the laws
of the Grand Duchy of Luxembourg, registered with  the Luxembourg Trade and Companies Register (Registre de  Commerce
et des Sociétés, Luxembourg) under number  B217868, having its registered office  at 37, Boulevard Joseph II,  L-1840
Luxembourg, Grand Duchy of Luxembourg.

Contact

Timothy Wright
T: +352 288 313
E:  3 info@aroundtown.de
 4 www.aroundtown.de

DISCLAIMER

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.

THE SECURITIES MENTIONED IN  THIS ANNOUNCEMENT HAVE  NOT BEEN, AND WILL  NOT BE, REGISTERED  UNDER THE UNITED  STATES
SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), AND  MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES  ABSENT
REGISTRATION OR AN EXEMPTION  FROM REGISTRATION UNDER  THE SECURITIES ACT. THERE  WILL BE NO  PUBLIC OFFERING OF  THE
SECURITIES IN THE UNITED STATES.

THIS ANNOUNCEMENT  IS DIRECTED  AT AND  IS ONLY  BEING DISTRIBUTED  IN THE  UNITED KINGDOM  TO (I)  PERSONS WHO  HAVE
PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND
MARKETS ACT 2000 (FINANCIAL PROMOTION)  ORDER 2005 (THE ORDER),  (II) HIGH NET WORTH  ENTITIES, AND OTHER PERSONS  TO
WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED FALLING WITHIN ARTICLE  49 OF THE ORDER, AND (III) PERSONS TO WHOM  IT
MAY OTHERWISE LAWFULLY  BE COMMUNICATED  (ALL SUCH  PERSONS TOGETHER  BEING REFERRED  TO AS  RELEVANT PERSONS).  THIS
COMMUNICATION MUST NOT BE  READ, ACTED ON OR  RELIED ON BY PERSONS  WHO ARE NOT RELEVANT  PERSONS. ANY INVESTMENT  OR
INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE  ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED  IN
ONLY WITH RELEVANT PERSONS.

IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (EEA) AND THE UNITED KINGDOM, THIS ANNOUNCEMENT AND ANY OFFER IF  MADE
SUBSEQUENTLY IS  DIRECTED ONLY  AT  PERSONS WHO  ARE “QUALIFIED  INVESTORS”  WITHIN THE  MEANING OF  REGULATION  (EU)
2017/1129, AS AMENDED (THE PROSPECTUS REGULATION) (QUALIFIED INVESTORS). ANY PERSON IN THE EEA OR THE UNITED  KINGDOM
WHO ACQUIRES THE SECURITIES IN ANY OFFER (AN INVESTOR) OR TO WHOM ANY OFFER OF THE SECURITIES IS MADE WILL BE  DEEMED
TO HAVE REPRESENTED AND AGREED THAT IT IS A QUALIFIED INVESTOR. ANY INVESTOR WILL ALSO BE DEEMED TO HAVE  REPRESENTED
AND AGREED THAT ANY SECURITIES ACQUIRED BY IT IN THE OFFER HAVE NOT BEEN ACQUIRED ON BEHALF OF PERSONS IN THE EEA  OR
THE UNITED KINGDOM OTHER THAN QUALIFIED INVESTORS, NOR HAVE  THE SECURITIES BEEN ACQUIRED WITH A VIEW TO THEIR  OFFER
OR RESALE IN THE EEA  OR THE UNITED KINGDOM TO  PERSONS WHERE THIS WOULD RESULT  IN A REQUIREMENT FOR PUBLICATION  BY
AROUNDTOWN OR ANY OF THE MANAGERS OF A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE PROSPECTUS REGULATION.

THIS ANNOUNCEMENT MAY  CONTAIN PROJECTIONS  OR ESTIMATES  RELATING TO  PLANS AND  OBJECTIVES RELATING  TO OUR  FUTURE
OPERATIONS, PRODUCTS,  OR SERVICES,  FUTURE FINANCIAL  RESULTS, OR  ASSUMPTIONS UNDERLYING  OR RELATING  TO ANY  SUCH
STATEMENTS, EACH OF WHICH CONSTITUTES A FORWARD-LOOKING STATEMENT  SUBJECT TO RISKS AND UNCERTAINTIES, MANY OF  WHICH
ARE BEYOND THE CONTROL OF AROUNDTOWN SA. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A NUMBER OF FACTORS.

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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

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   ISIN:           LU1673108939, LU1673108939, XS2114459550, XS1508392625,
                   XS1634523754, XS1752984440, XS2017788592, XS2027946610,
                   XS2055106210, XS2287744721, XS1586386739, XS1639847760,
                   XS1649193403, XS1700429308, XS1715306012, XS1753814141,
                   CH0398677689, XS1761721262, XS1815135352, AU3CB0252955,
                   CA04269KAA12, XS1879567144, XS1877353786, XS1901137106,
                   XS1905592546, CH0460054437, XS1961042915, XS1964701822,
                   XS1966277748, XS1980255779, XS1999746370, XS2023872174,
                   XS2023873149, XS2198981263, XS1843435501, XS2273810510,
                   XS2421195848, XS2799494120, XS2799493825, XS2812484728,
                   XS2812484215, XS2860457071
   Category Code:  QRT
   TIDM:           IRSH
   LEI Code:       529900H4DWG3KWMBMQ39
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   361515
   EQS News ID:    2038889


    
   End of Announcement EQS News Service

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References

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