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Aroundtown SA announces Q1 2022 results with continued capital recycling generating long term shareholder value

DGAP-News: Aroundtown SA / Key word(s): Quarter Results/Real Estate Aroundtown SA announces Q1 2022 results with continued capital recycling generating long term shareholder value 25.05.2022 / 06:53 The issuer is solely responsible for the content of this announcement. 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 Q1 2022 RESULTS WITH CONTINUED CAPITAL RECYCLING GENERATING LONG TERM SHAREHOLDER VALUE

- Signed disposals above book value of over €1.1 billion, of which over €130 million closed in Q1 2022, proceeds utilized for debt repayments of €0.8 billion and share buyback of €0.2 billion.

- Net rental income in Q1 2022 amounted to €309 million, up 32% YOY as a result of the consolidation of GCP in July 2021, offset by strong disposal activity between the periods.

- FFO I totaled €89.3 million for Q1 2022, increasing 3% year-over-year.

- FFO I per share amounted to €0.080, up 10% YOY.

- Net Profit in Q1 2022 of €125 million with a basic EPS of €0.06.

- EPRA NTA amounting to €11.4 billion as of March 2021 and per share to €10.3, up 1% since December 2021.

- Financial platform optimized during Q1 2022 with the repayment & redemption of shorter-term debt. As a result, maintained a long average debt maturity of 5.7 years and a low cost of debt of 1.2%.

- LTV at 40% with high ICR of 5.3x.

- Liquidity covers maturities for the next 3 years. Financial flexibility further supported by unencumbered investment properties amounting to €23.9 billion and 85% by rent as at March 2022.

- Guidance for FY 2022 confirmed.

25 May 2022.

Aroundtown (‘the Company’ or ‘AT’) presents the results for the first quarter of 2022. The Company recorded net rental income amounting to €309 million in Q1 2022, 32% higher compared to Q1 2021, as a result of the consolidation of GCP in July 2021 and 0.9% like-for-like rental growth, offsetting the impact of disposals. The like-for-like rental growth excluding hotels was 1.7%. During most of Q1 2022, the hospitality industry was adversely impacted by restrictions and high infection rates due to the Omicron wave which resulted in a collection rate for the Company’s hotel properties of 45%. As all restrictions have been lifted since end of March and hotel bookings are recovering, Aroundtown is expecting a collection rate of 70-80% for the remainder of the year.