Sales from the portfolio resulted in lower rental income, negative valuation effects depressed the result. The MDAX company confirmed its forecast for the year as a whole
Aroundtown SA recorded a net loss of 22 million euros in the period to the end of March after a profit of 125 million in the previous year. The shortfall was 4 cents per share. The valuation effects were minus EUR 133 million after positive EUR 81 million in the previous year.
Net rental income fell by 4 percent to 297 million euros, which was due to the sale of properties. Aroundtown completed sales worth EUR 460 million in the first quarter.
FFO 1, a standard indicator of operational earning power in the real estate industry, fell by 5 percent to EUR 85 million. FFO per share was EUR 0.77.
Aroundtown continues to expect FFO 1 of EUR 300 to 330 (previous year: 363) million in 2023, which would correspond to FFO 1 per share of EUR 0.27 to 0.30 (0.33). The Group expects higher financing costs in the coming quarters.
The Aroundtown share initially lost via XETRA, but then temporarily rose by 7.30 percent to EUR 0.97.
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