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    DGAP-News  169  0 Kommentare Aroundtown SA announces 9m 2020 results in line with guidance, valuations further supported by large disposals above book value - Seite 2

    - Strong liquidity position with cash and liquid assets of over €2.5 billion and substantial amount of unencumbered assets at the amount of €15.4 billion (74% of rent)

    - Conservative capital structure maintained with low LTV at 34%, well below the 45% Board of Directors' limit, ICR at 4.4x, long average debt maturity of 6.2 years and low average cost of debt of 1.6%, resulting in large headroom to covenants and financial policy

    - Internal growth continued with a total net rent LFL growth of 1.7%, with 1.5% coming from in-place rent increases, and 0.2% coming from increases in occupancy

    - Partial dividend of €0.14 per share proposed for 2019, pending shareholder approval

    - Guidance for FY 2020 confirmed


    25 November 2020.

    Aroundtown's ("the Company" or "AT") collection rate excluding the hotel portfolio in the nine-month period of 2020 amounted to 96%. The collection rate is reflecting the strong diversification in asset types, locations, tenants and tenant industries and is close to pre-pandemic levels. Including the hotel portfolio, the collection rate in the nine months of 2020 amounted to 85%, impacted from around 60% collection rate in the hotel portfolio, including completed negotiations with hotel tenants for longer lease terms at higher rents for the extended period in return for a rent free period. With partially lifting pandemic-related restrictions, the hotel portfolio's collection rate improved from 21% in the second quarter of 2020 to 58% in the third quarter, confirming the strong recovery potential of the hotel portfolio.

    YEAR-TO-DATE DISPOSALS ABOVE BOOK VALUE, VALIDATING VALUATIONS, INCREASING PORTFOLIO QUALITY AND FUELING SHARE BUYBACK
    The Company has signed year to date ca. €2.1 billion of disposals, primarily non-core and mature properties, of which over €770 million has been closed within the reporting period. Furthermore, the Company has further half a billion Euro of disposals under advanced negotiations. The disposed properties are mainly retail and wholesale and primarily located in non-core cities across Germany, resulting in a stronger portfolio focus on high quality assets in top tier locations and thus enhancing the overall quality of the portfolio. The properties have been disposed at +3% above book value at an average multiple of 18x, validating property valuations. The proceeds from these disposals have further strengthened the Company's strong liquidity position, supporting the conservative financial profile through debt repayments and providing fuel for the highly accretive share buyback by reinvesting the funds into the Company at very attractive pricing, well below transaction levels and most recent valuations. To date, Aroundtown has bought back over 13% of its shares at an average price of approx. €4.9 per share, a steep discount to the September 2020 EPRA NAV of €9.3 per share.

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    DGAP-News Aroundtown SA announces 9m 2020 results in line with guidance, valuations further supported by large disposals above book value - Seite 2 DGAP-News: Aroundtown SA / Key word(s): 9 Month figures/Real Estate Aroundtown SA announces 9m 2020 results in line with guidance, valuations further supported by large disposals above book value 25.11.2020 / 06:51 The issuer is solely …

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