DGAP-News: Aroundtown Property Holdings Plc. / Key word(s): Interim Report/Real Estate
CORPORATE NEWS THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAWS OR REGULATIONS
AROUNDTOWN ANNOUNCES FIRST QUARTER 2017 RESULTS:
- Rental and operating income in the first three months of 2017 at EUR114 million, increased +128% YOY
- Adjusted EBITDA growth of +75% to EUR93 million from EUR53 million in Q1 2016
- Net profit amounted to EUR247 million from EUR230 million in Q1 2016
- EPS (basic) at EUR0.33 (Q1 2016: EUR0.27); diluted EPS at EUR0.26 (Q1 2016: EUR0.21)
- FFO I increased 82% to EUR59 million compared to EUR33 million in Q1 2016
- FFO I per share increased to EUR0.09, up 80% from EUR0.05 in first quarter of 2016
- EPRA NAV including perpetual notes of EUR4.8 billion as of March 31, 2017, amounting to EUR6 per share, up 11% from YE 2016
- EPRA NAV of EUR4.2 billion as of March 31, 2017, amounting to EUR5.2 per share, up 6% from YE 2016
- Investment property amounted at the end of March 2017 to EUR5.8 billion, an increase of +16% from EUR5 billion at year-end 2016
- Total assets grew by +16% from EUR8.1 billion at year-end 2016 to EUR9.4 billion
- Retaining conservative leverage with an LTV of 42% as of March 2017; down to 33% on a pro forma basis following the equity capital raise in May 2017 and conversion of in-the-money convertible bonds
- Strong financial profile resulting in high cover ratios with an Interest Coverage Ratio of 5.6x and Debt Service Coverage Ratio of 3.9x in first quarter 2017
- Equity ratio stable at 46%, increasing to 51% on a pro forma basis
- Cash and liquid assets at EUR868 million as of March 2017. This significant level of liquidity provides for ample financial headroom and fuels the acquisition pipeline as attractive opportunities are sourced.
- External portfolio growth supplemented by strong organic growth with like-for-like occupancy increase of +2.2% and like-for-like in-place rent increase of +3.9%
7 June 2017.
Aroundtown continues to achieve progress on multiple fronts
A solid and diversified capital structure serving as a base towards continued growth
The strong growth experienced by AT in recent years is supported by a strong and well balanced capital structure and backed by conservative financial policies, with a current LTV of 33% on a pro forma basis. Having already established access to various European equity and debt markets, AT has now also successfully accessed Asian capital markets with the issuance of USD 450 million straight bonds, as the Company's visibility among global investors continues to grow. To solidify the existing equity base, AT issued equity capital totaling EUR426 million in May 2017 and successfully converted the EUR450m convertible bond Series B into additional fresh equity. This resulted in a pro forma LTV of 33%.
About the Company
07.06.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Aroundtown Property Holdings Plc.|
|Artemidos & Nikou Dimitriou, 54 B|
|Phone:||+357 2420 1312|
|ISIN:||CY0105562116, XS1508392625, XS1227093611, XS1336607715, XS1403685636, XS1449707055, XS1532877757, XS1540071724, XS1586386739|
|WKN:||A14QGA, A1871P, A1Z07A, A18V71, A180VY, A1839S, A1899S, A19A2V|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Stuttgart; Dublin, Paris|
|End of News||DGAP News Service|