DGAP-News Aroundtown SA announces 9m 2020 results in line with guidance, valuations further supported by large disposals above book value
DGAP-News: Aroundtown SA / Key word(s): 9 Month figures/Real Estate
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AROUNDTOWN ANNOUNCES 9M 2020 RESULTS IN LINE WITH GUIDANCE,
VALUATIONS FURTHER SUPPORTED BY LARGE DISPOSALS ABOVE BOOK VALUE
- Net rental income rose to €758 million in 9M 2020, increasing 37% from €555 million in 9M 2019
- Adjusted EBITDA increased to €723 million in 9M 2020, an increase of 30% compared to €557 million in 9M 2019
- FFO I grew 18% to €438 million in the first nine months of 2020, from €371 million in 9M 2019
- FFO I per share after perpetual lower by 3% year over year, amounting to €0.28 per share in 9M 2020
- FFO I per share after perpetual, Covid adjusted decreased in 9M 2020 by 24% to €0.22 per share
- Signed disposals of approx. €2.1 billion YTD, +3% above book value. Proceeds supporting liquidity, funding debt repayments and accretive share buyback totaling €1 billion, generating significant accretive shareholder value in the next periods to come. Further disposals of half a billion Euro under advanced negotiations
- Supportive valuations, resulting in revaluation gains of €736 million in 9M 2020, +3.6% on a like-for-like basis.
- Net Profit for 9M 2020 of €812 million, reflecting EPS (basic) of €0.44
- EPRA NAV amounting to €12.3 billion and EPRA NAV per share of €9.3, increasing by 16% and 7% respectively since December 2019.
- Total Equity of €16.5 billion reflecting an equity ratio of 52%
- Investment property, excluding assets held for sale, of €21.8 billion, increasing from €18.1 billion as of Dec 2019, Group portfolio including share in GCP of €25 billion as of September 2020.