Aroundtown SA (IRSH) 
Aroundtown SA announces 9M 2019 results 
27-Nov-2019 / 06:50 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
*THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY 
OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH 
AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION 
OF APPLICABLE LAWS OR REGULATIONS* 
 
*AROUNDTOWN ANNOUNCES 9M 2019 RESULTS 
WITH SOLID PERFORMANCE, LARGER PORTFOLIO AND INCREASED GUIDANCE FOR 2019* 
 
*- Net rental income grew to EUR555 million*, increasing *22%* from EUR456 
million during the corresponding period in 2018. 
 
- *Adjusted EBITDA* *of EUR557 million*, higher by *26%* as compared to EUR440 
million for the first nine months of 2018. 
 
- *FFO I* increase by *25%* YOY to *EUR371 million,* reflecting solid 
operational profitability. Full year 2019 *FFO I guidance at over EUR500 
million*. 
 
- *FFO I per share* for the period at *EUR0.32*, higher by *10%* over 9M 2018. 
Full year 2019 *FFO I per share guidance at EUR0.43*, reflecting an FFO I 
yield of 5.6%. 
 
- *FFO I per share after perpetual notes attribution* was EUR0.29 up by 12% 
YOY. 
 
- Disposals of *EUR240* *million* during 9M 2019 at a profit margin over total 
cost of 26*%*, resulting in an *FFO II* of *EUR421* *million*. YTD signed 
disposals amount to approx. *EUR800* *million*. 
 
- *Profit for the period* amounted to *EUR1.5 billion*, *6%* higher YOY, 
leading to a basic and diluted earnings per share of EUR0.94 and EUR0.93, 
respectively. 
 
- *EPRA NAV* showing significant growth, increasing *19%* to *EUR10.4 billion 
*as of the end of September, *EPRA NAV per share* grew to *EUR8.5 *up by *14%* 
(dividend adjusted) as compared to the end of 2018. 
 
- *EPRA NAV including perpetual notes* was EUR12.8 billion and EUR10.5 per 
share as of the end of September 2019. 
 
- *Total Equity* as of September 2019 amounted to *EUR13 billion*, *31%* 
higher as compared to year-end 2018, leading to an *equity ratio of 52%*. 
 
- *Investment property *amounted to *EUR17.9 billion* as of September 2019, 
increasing *27%* from the end of December 2018. 
 
*- *Conservative capital structure preserved with a *low LTV* of *34%* as of 
September 2019, supplemented with a solid *unencumbered assets* ratio of 80% 
representing EUR13.5 billion in value. 
 
- Robust debt profile with *ICR* at *4.6x*, *long* *average debt maturity* 
period of *7.4 years*, and *low average cost of debt* of *1.7%*. 
 
- Strong internal growth supported by the *total net rent LFL growth *of 
*4.3%*, with 2.4% from in-place rent increases and 1.9% as a result of 
occupancy increases. 
 
- The *2019 guidance has been increased* due to strong internal and external 
growth 
 
_27 November 2019._ 
 
*Realizing the strong acquisition pipeline complemented by strong 
like-for-like performance drives strong cash flow generation on a shareholder 
level* 
Through continuous successful utilization of its strong deal sourcing network, 
Aroundtown (the 'Company' or 'AT') has signed year-to-date acquisitions 
amounting to EUR3.1 billion of mainly offices and hotels in locations with 
solid fundamentals such as Munich, Berlin, Frankfurt, Cologne, Hamburg, Paris 
and Benelux. Paired with AT's strong like-for-like performance of 4.3% net 
rental income growth and a cost-efficient platform, FFO I for the first 9 
months increased by 25% YOY to EUR371 million. The 2019 guidance was updated 
to an FFO I of over EUR500 million and an FFO I per share of EUR0.43, which 
reflects an increase of over 10% over the full year 2018 FFO I per share. 
Based on the update guidance, the FFO I yield stands at 5.6% and based on the 
dividend payout ratio of 65% the dividend yield is 3.7%. 
 
Additionally, realizing its active sales pipeline and seizing attractive 
opportunities, AT disposed non-core and mature properties amounting to EUR240 
million in the first 9 months of 2019, at a profit margin of 26% over total 
cost reflecting a 3% premium over their last appraised book values. 
Year-to-date, signed total disposals amount to approx. EUR800 million, 
enabling AT to channel the proceeds into opportunities with higher value-add 
potential thus further strengthening the portfolio quality and long-term 
internal growth potential. 
 
*Increasing equity base resulting in high shareholder value creation * 
The strong operational performance paired with the extraction of the 
portfolio's value potential, culminate in the consistent shareholder value 
creation. This value enhancement including the effects of the equity capital 
increase and the scrip dividend is reflected in the increase in the EPRA NAV 
as of September 2019 by 19% to EUR10.4 billion, or EUR8.5 on a per share 
basis, an increase of 14% adjusted for dividend and 10% net of dividend paid. 
 
*Commitment to healthy capital structure and sustainability reaffirmed* 
AT remains committed to its conservative capital structure reflected in a low 
LTV of 34%, strong interest coverage ratios with an ICR of 4.6x and long 
average debt maturities of 7.4 years. 
 
For the third year running, Aroundtown received the EPRA BPR Gold award for 
the highest standards for financial reporting for its FY 2018 annual report in 
September 2019. Concurrently, for the second consecutive year AT received the 
EPRA sBPR Gold award in recognition of its sustainability reporting for the 
year 2018. Aroundtown's Corporate Responsibility Report for 2018 is available 
to download on the Company's website and details its sustainability efforts 
and measures. 
 
The financial statements for 9M 2019 are available on the Company's website: 
 
https://www.aroundtown.de/investor-relations/publications/financial-reports 
[1] 
 
For definitions and reconciliations of the Alternative Performance Measures, 
please see the relevant sections in the pages 56-58 of the 9M 2019 financial 
statements. You can find the financial statements in AT's website under 
Investor Relations > Publications > Financial Reports or under this link: 
 
https://www.aroundtown.de/fileadmin/user_upload/04_investor_relations/download 
s/2019/AT_Q3_2019.pdf [2] 
 
*About the Company* 
 
Aroundtown SA (symbol: AT1), trading on the Prime Standard of the Frankfurt 
Stock Exchange, is the largest listed and highest rated (BBB+ by S&P) German 
commercial real estate company. Aroundtown invests in income generating 
quality properties with value-add potential in central locations in top tier 
European cities mainly in Germany/NL. 
 
Aroundtown SA (ISIN: LU1673108939) is a public limited liability company 
(société anonyme) established under the laws of the Grand Duchy of Luxembourg, 
registered with the Luxembourg Trade and Companies Register (Registre de 
Commerce et des Sociétés, Luxembourg) under number B217868, having its 
registered office at 40, Rue du Curé, L-1368 Luxembourg, Grand Duchy of 
Luxembourg. 
 
*Contact * 
 
Timothy Wright 
 
T: +352 285 7741 
 
E: info@aroundtown.de 
 
www.aroundtown.de [3] 
 
*DISCLAIMER * 
 
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF 
AN OFFER TO BUY ANY SECURITIES. 
 
THE SECURITIES MENTIONED IN THIS ANNOUNCEMENT HAVE NOT BEEN, AND WILL NOT BE, 
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMED (THE 
*SECURITIES ACT*), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT 
REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT. THERE 
WILL BE NO PUBLIC OFFERING OF THE SECURITIES IN THE UNITED STATES. 
 
THIS ANNOUNCEMENT IS DIRECTED AT AND IS ONLY BEING DISTRIBUTED IN THE UNITED 
KINGDOM TO (I) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO 
INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS 
ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE *ORDER*), (II) HIGH NET WORTH 
ENTITIES, AND OTHER PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED 
FALLING WITHIN ARTICLE 49 OF THE ORDER, AND (III) PERSONS TO WHOM IT MAY 
OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED 
TO AS *RELEVANT PERSONS*). THIS COMMUNICATION MUST NOT BE READ, ACTED ON OR 
RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR 
INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO 
RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. 
 
IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (*EEA*), THIS ANNOUNCEMENT AND 
ANY OFFER IF MADE SUBSEQUENTLY IS DIRECTED ONLY AT PERSONS WHO ARE 'QUALIFIED 
INVESTORS' WITHIN THE MEANING OF ARTICLE 2(1)(E) OF DIRECTIVE 2003/71/EC, AS 
AMED (THE *PROSPECTUS DIRECTIVE*) (*QUALIFIED INVESTORS*). ANY PERSON IN 
THE EEA WHO ACQUIRES THE SECURITIES IN ANY OFFER (AN *INVESTOR*) OR TO WHOM 
ANY OFFER OF THE SECURITIES IS MADE WILL BE DEEMED TO HAVE REPRESENTED AND 
AGREED THAT IT IS A QUALIFIED INVESTOR. ANY INVESTOR WILL ALSO BE DEEMED TO 
HAVE REPRESENTED AND AGREED THAT ANY SECURITIES ACQUIRED BY IT IN THE OFFER 
HAVE NOT BEEN ACQUIRED ON BEHALF OF PERSONS IN THE EEA OTHER THAN QUALIFIED 
INVESTORS, NOR HAVE THE SECURITIES BEEN ACQUIRED WITH A VIEW TO THEIR OFFER OR 
RESALE IN THE EEA TO PERSONS WHERE THIS WOULD RESULT IN A REQUIREMENT FOR 
PUBLICATION BY AROUNDTOWN OR ANY OF THE MANAGERS OF A PROSPECTUS PURSUANT TO 
ARTICLE 3 OF THE PROSPECTUS DIRECTIVE. 
 
THIS ANNOUNCEMENT MAY CONTAIN PROJECTIONS OR ESTIMATES RELATING TO PLANS AND 
OBJECTIVES RELATING TO OUR FUTURE OPERATIONS, PRODUCTS, OR SERVICES, FUTURE 
FINANCIAL RESULTS, OR ASSUMPTIONS UNDERLYING OR RELATING TO ANY SUCH 
STATEMENTS, EACH OF WHICH CONSTITUTES A FORWARD-LOOKING STATEMENT SUBJECT TO 
RISKS AND UNCERTAINTIES, MANY OF WHICH ARE BEYOND THE CONTROL OF AROUNDTOWN 
SA. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPING ON A NUMBER OF FACTORS. 
 
ISIN:          LU1673108939, XS1227093611, XS1336607715, XS1403685636, 
               XS1449707055, XS1532877757, XS1540071724, XS1586386739, 
               XS1649193403, XS1700429308, XS1715306012, XS1761721262, 

               XS1815135352, XS1753814141, CH0398677689, XS1857310814 
Category Code: MSCL 
TIDM:          IRSH 
LEI Code:      529900H4DWG3KWMBMQ39 
Sequence No.:  31774 
EQS News ID:   922549 
 
End of Announcement EQS News Service 
 
 
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(END) Dow Jones Newswires

November 27, 2019 00:50 ET (05:50 GMT)