LUXEMBOURG (dpa-AFX) - Aroundtown SA (AT1.DE), a Luxembourg-based real estate company, on Wednesday recorded a decline in Funds from Operations or FFO, reflecting lower result from the disposal of properties.
In addition, the company registered a narrower net loss, amidst lower negative property revaluations and capital gains.
For the nine-month period to September 30, the company recorded Funds from Operations I or FFO I of 235.6 million euros or 0.22 euro per share, lower than 255.4 million euros or 0.23 euro per share, registered for the same period last year.
FFO II was at 266.1 million euros as against prior year's 326.6 million euros. This decline was mainly driven by the lower result from the disposal of properties and FFO I result.
Result from the disposal of properties declined to 30.5 million euros from previous year's 71.2 million euros.
Net loss narrowed to 224.5 million euros or 0.21 euro per share from last years' loss of 1.118 billion euros or 1.02 euro per share.
Excluding items, EBITDA was 758.1 million euros, higher than 748.2 million euros a year ago. Operating profit was 97.5 million euros, compared with a loss of 1.306 billion euros.
Property revaluations and capital gains were negative 591 million euros, lesser than last year's negative 1.889 billion euros.
Share of results from investment in equity-accounted investees declined to negative 9.8 million euros from negative 85.2 million euros in 2023.
Property operating expenses were also down at 412.3 million euros, compared with prior year's 496.2 million euros.
The European Public Real Estate Association Net Reinstatement Value or EPRA NRV was 9.614 billion euros or 8.8 euros per share as of September 2024.
Revenue for nine months was 1.157 billion euros, down from prior year's 1.209 billion euros. This is mainly due to the decrease in utility costs recoverable from tenants through the operating and other income.
The company generated net rental income of 883 million euros, slightly lower by 1 percent, compared with 895 million euros last year. The decline was primarily driven by the smaller portfolio size due to net disposals since the beginning of 2023.
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