Aroundtown SA Releases H1 2024 Results, Reports Stable Performance and Improved Market Sentiment

Aroundtown SA has announced its H1 2024 financial results, showing net rental income of €588 million, a slight decline from €596 million in H1 2023. The company notes a 2.9% like-for-like rental growth, which has largely offset disposal impacts.

The adjusted EBITDA increased by 1% year-over-year (YoY) to €502 million, supported by operational profitability. FFO I reached €154 million, or €0.14 per share, down from €175 million in H1 2023 due to higher finance expenses. The company reported a net loss of €330 million, attributed mainly to negative property revaluations.

Aroundtown also highlights a slight revaluation decline of 2.4% like-for-like, reflecting better macro-economic conditions. EPRA NTA was €7.7 billion, or €7.0 per share, at the end of June 2024. Furthermore, the company strengthened its funding with €1.15 billion in senior unsecured bond issuances and €240 million in bank debt.

Liquidity balance stands at €2.7 billion, representing 19% of total debt, and LTV remains at 45%. Full-year 2024 guidance has been slightly increased due to robust operational momentum and lower-than-anticipated finance expenses.