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AroundTown (ARNDTN: BBB+ neg): 1Q24 Results

REAL ESTATE
Credit BulletsBulletHomepagemarkets-real-timeCredit

Stable results from Aroundtown which is a continuation of what the market wants to see. The tender exchange resulted in a reduction of €0.3b perps and will reduce coupon expense by €35m after 2024.

  • Adj EBITDA €247m +1% yoy
  • Net Rental Income €293m +2.8% like-for-like but -1% yoy due to disposals
  • FFO I €76m
  • ICR 3.9x. S&P's report saw this falling to 3.0x in FY24 not quite there yet.
  • LTV 43% targeting <45%
  • Average debt maturity 4.2y. average cost 2.2%. 76% Fixed Rate + 7% Capped
  • Cash and liquidity covering 21% of debt (€2.9b)

The company has signed disposals totalling €9b since 1Q20 and used proceeds to reduce leverage. 13% office vacancy would be the one cause for concern.

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Stable results from Aroundtown which is a continuation of what the market wants to see. The tender exchange resulted in a reduction of €0.3b perps and will reduce coupon expense by €35m after 2024.

  • Adj EBITDA €247m +1% yoy
  • Net Rental Income €293m +2.8% like-for-like but -1% yoy due to disposals
  • FFO I €76m
  • ICR 3.9x. S&P's report saw this falling to 3.0x in FY24 not quite there yet.
  • LTV 43% targeting <45%
  • Average debt maturity 4.2y. average cost 2.2%. 76% Fixed Rate + 7% Capped
  • Cash and liquidity covering 21% of debt (€2.9b)

The company has signed disposals totalling €9b since 1Q20 and used proceeds to reduce leverage. 13% office vacancy would be the one cause for concern.