BERLIN (dpa-AFX) - Commercial real estate company Aroundtown SA (AT1.DE) on Wednesday reported nearly stable funds from operations I or FFO I in its first quarter, as the growth in adjusted EBITDA was offset by higher perpetual notes attribution. However, net profit surged from last year with higher net rental income, despite weak revenues.
Further, the company confirmed its fiscal 2025 guidance.
In March, the company projected full-year FFO I to be in the range of 280 million euros to 310 million euros, reflecting 0.26 euro to 0.28 euro per share.
In the year 2024, FFO I amounted to 315.5 million euros or 0.29 euro per share.
In addition, Aroundtown said its board of directors has decided not to recommend a dividend payment for 2024 in order to maintain a conservative financial position.
In the first quarter, FFO I amounted to 76.3 million euros, compared to 76.1 million euros a year ago. FFO I per share reached 0.07 euros, same as last year.
FFO II grew 35 percent to 121.1 million euros from last year's 89.8 million euros.
In the quarter, profit attributable to owners of the company surged to 216.2 million euros from 43.0 million euros last year, driven by strong operational results and positive property revaluations. Earnings per share climbed to 0.20 euro from 0.04 euro a year earlier.
Adjusted EBITDA of 251.1 million euros edged up 1 percent year-over-year driven by solid operational growth and cost base.
Revenue, meanwhile, fell to 377.8 million euros from 386.0 million euros last year.
Net rental income of 295 million euros grew 1 percent from 293.1 million euros a year ago, supported by like-for-like rental income growth of 3 percent, more than offsetting the impact of disposals.
EPRA NTA was 8.4 billion euros and 7.6 euros per share as of March 2025, higher by 2 percent and 3 percent respectively, from the prior year.
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