Commercial real estate company Aroundtown SA (AT1.DE) on Wednesday reported lower funds from operations in fiscal 2024 due to disposals and higher perpetual note attribution, amid weak revenues. However, adjusted EBITDA, a key earnings metric, increased from last year.
Looking ahead, for fiscal 2025, the company projects funds from operations or FFO I in the range of 280 million euros to 310 million euros, reflecting 0.26 euro to 0.28 euro per share.
In the year 2024, FFO I amounted to 315.5 million euros, 5 percent lower than last year's 332 million euros. FFO I per share fell 3 percent to 0.29 euro from 0.30 euro a year ago.
FFO II was 393.1 million euros, down 12% from prior year's 449.1 million euros.
Net profit for the year turned positive and amounted to 309.3 million euros or 0.05 euro per share, compared to a net loss of 2.43 billion euros or 1.82 euros per share in 2023, driven by strong operational performance and stabilized values.
Adjusted EBITDA amounted to 1.01 billion euros in 2024, up 1 percent from last year's 1 billion euros, despite lower net rental income.
Net rental income of 1.18 billion euros declined 1 percent year-over-year as a result of disposals, offset by robust operational growth reflected by 2.9 percent like-for-like rental growth.
Revenues in the year dropped 4 percent to 1.54 billion euros from 1.60 billion euros a year ago.
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