German property company Aroundtown decides against dividend
Published: 03:38 28 May 2025 EDT
Aroundtown, the German-listed property company, has decided not to recommend a dividend for 2024 to maintain a conservative financial position, as it reported a 1% increase in net rental income to €295 million for Q1 2025.
Like-for-like rental income rose 3%, offsetting the impact of asset disposals. Adjusted EBITDA increased 1% year-on-year to €251 million. FFO I remained stable at €76 million or €0.07 per share.
Net profit for the period rose to €319 million, up 211% from a year earlier. Basic earnings per share increased to €0.20, compared with €0.04 in Q1 2024. The company reported a positive revaluation of 0.8% on 15% of its portfolio.
EPRA NTA rose to €8.4 billion, equivalent to €7.6 per share, a 2% and 3% increase respectively from December 2024.
Aroundtown completed €149 million of disposals in Q1 and signed an additional €140 million year-to-date. Loan-to-value declined to 41% as of March 2025, down from 42% in December. The interest coverage ratio rose to 4.3x.
Following the quarter, the company issued a €750 million bond at a 3.5% coupon, which was three times oversubscribed. Year-to-date debt repayments reached €1.3 billion. Full-year guidance for 2025 has been confirmed.
Aroundtown is a real estate investment company focused on income-generating properties, primarily in Germany and the Netherlands.
