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REAL ESTATE: AroundTown (ARNDTN: BBB+ neg): 9M results

REAL ESTATE
Credit BulletsCEEMEAEurozoneGermanyBullet

The company’s debt metrics weakened slightly on every measure but has been able to access the capital markets this year. 

  • Net Rental income down -1% to €882.8
  • Adj EBITDA +1% to €758.1m
  • Interest Coverage 4.0x down 0.3x as higher resets on debt hit
  • LTV 44% up 1% again, not going in the right direction
  • Total Assets fell 1.8% from Dec 23
  • Unencumbered assets fell by 2% to 72%
  • Weighted average rental yield 5.1% with Berlin and Munich 4.2% & 3.9%
  • There wasn’t a full portfolio revaluation in Q3
  • Operating Profit swung back to Positive at €97.5m from a loss of 1.3bn as the property revaluations did not impact though there was still a (591m) hit from capital losses
  • Average Rent/sqm gained 0.7% to €2,438 – which was unimpressive
  • Ended the period with €2,780.8m in cash
  • Liabilities where broadly flat (+0.1%) at €18.433bn
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The company’s debt metrics weakened slightly on every measure but has been able to access the capital markets this year. 

  • Net Rental income down -1% to €882.8
  • Adj EBITDA +1% to €758.1m
  • Interest Coverage 4.0x down 0.3x as higher resets on debt hit
  • LTV 44% up 1% again, not going in the right direction
  • Total Assets fell 1.8% from Dec 23
  • Unencumbered assets fell by 2% to 72%
  • Weighted average rental yield 5.1% with Berlin and Munich 4.2% & 3.9%
  • There wasn’t a full portfolio revaluation in Q3
  • Operating Profit swung back to Positive at €97.5m from a loss of 1.3bn as the property revaluations did not impact though there was still a (591m) hit from capital losses
  • Average Rent/sqm gained 0.7% to €2,438 – which was unimpressive
  • Ended the period with €2,780.8m in cash
  • Liabilities where broadly flat (+0.1%) at €18.433bn