Aroundtown : foncière non REIT diversifiée en Allemagne et aux Pays-Bas

Bonjour,

Aroundtown a publié ce matin un bon S1 2020

Un impact COVID limité (et très limité hors hôtel) une NAV qui continue de grimper à 9€.

Site officiel Aroundtown a écrit :

Aroundtown SA announces H1 results with positive portfolio performance despite crisis related negative impact
26.08.2020
DGAP-News: Aroundtown SA / Key word(s): Real Estate/Half Year Results
26.08.2020 / 06:50
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 H1 2020 RESULTS WITH POSITIVE PORTFOLIO PERFORMANCE DESPITE CRISIS RELATED NEGATIVE IMPACT

- Net rental income increased to €502 million in H1 2020, grew by 40% from €359 million in H1 2019

- Adjusted EBITDA increased to €500 million in the first half of 2020, an increase of 38% compared to €363 million in H1 2019

- FFO I increased 30% to €312 million in H1 2020 from €239 million in H1 2019

- FFO I per share after perpetual increased by 5% year over year, to €0.20 per share in H1 2020 compared to €0.19 per share in H1 2019

- FFO I per share after perpetual, Covid adjusted decreased by 11% to €0.17 per share from €0.19 per share in H1 2019

- Collection rate H1 2020: 84% and 95% excluding hotels

- Disposal volume of approx. €240 millionabove book value result in strong FFO II amounting to €384 million

- Signed disposals of approx. €1 billion YTD, 6% above book value, non-core and mature assets. Proceeds funding accretive €500 million share buy-back program generating significant shareholder value. Additional sales of assets over €1 billion in advanced negotiation.

- Positive revaluations gains of €560 million in H1 2020, +2.5% on a like-for-like basis. Strong revaluation gains in all asset classes excluding hotels of €766 million offset negative revaluation results in hotel portfolio of €206 million after almost entire hotel portfolio has been externally revalued

- Net Profit for the first half of 2020 amounting to €626 million, reflecting EPS (basic) of €0.36

- EPRA NAV increased to €12.4 billion and EPRA NAV per share of €9.0, compared to €10.6 billion and €8.7 per share in December 2019

- Total Equity of €16.4 billion resulting in an equity ratio of 51%

- Investment property of €22.6 billion, increasing from €18.1 billion as of Dec 2019

- Ample liquidity due to large balance of cash and liquid assets of over €2.7 billion and substantial amount of unencumbered assets at the amount of €16.1 billion (74% of rent)

- Conservative capital structure maintained with low LTV at 36%, well below the 45% Board of Directors’ limit

- Strong ICR at 4.5x, longaverage debt maturity of 6.2 years, low average cost of debtof 1.6%

- Strong operational performance with a total net rent LFL growth of 3.0%, with 3.2% coming from in-place rent increases, offset by a 0.2% decrease in occupancy

- Guidance for FY 2020 published

26 August 2020.

UPDATE ON COVID IMPACT
While Aroundtown ("the Company" or "AT") saw an insignificant impact from the Covid pandemic on its operations in the first quarter of 2020, it was the primary driver of events in the second quarter. The impact of the pandemic was primarily in the Hotel portfolio which makes up 23% of the portfolio, with Office, Logistic/Wholesale, and Residential (through GCP) seeing only limited impact. These make up 70% of the portfolio. The collection rate in H1 2020 stood at 84% for the full portfolio and excluding the hotel portfolio, the collection rate was 95%. The collection rates in July have been improving, also for hotels to 33%, from 21% in Q2 2020. Due to the prevailing uncertainties of the effects from Covid, the recovery of the hotel industry remains uncertain, and thus Aroundtown has conservatively created general provisions based on management assessment, amounting to €35 million, or 53% of the deferred hotel net rents. The company is still working on a case by case basis with tenants in order to collect the deferred amounts.

SOLID PERFORMANCE, DESPITE LOCKDOWNS, UNDERLINING STRONG PORTFOLIO DIVERSIFICATION
Aroundtown recorded a net rental income of €502 million in the first half of 2020, 40% higher than the €359 million recorded in the first half of 2019. The strong growth was driven by a mix of external growth, primarily driven by the merger with TLG which was finalized in February of 2020, as well as internal growth, with a like-for-like rent increase of 3.0%. FFO I increased by 30% to €312 million and by 10% to €0.23 per share in H1 2020, from €239 million and €0.21 per share in H1 2019. Aroundtown conservatively recorded extraordinary general rental provisions amounting to €35 million in response to the prevailing uncertainties of the effects from Covid over the hotel industry, reflecting ca. 50% of the deferred hotel net rents. The provision has been created based on management assessment, although the Company is still working with its tenants, on a case by case basis, to collect deferred rents. Due to the Company’s strong portfolio diversification it benefited significantly from the stability of its Office, Logistic/Wholesale, and Residential portfolio, which only saw limited impact from the pandemic. The FFO I per share after perpetual increased by 5% YOY to €0.20 per share. The FFO I after perpetual, Covid adjusted provisions resulted in €0.17 per share in the first half of 2020. EPRA NAV grew to €12.4 billion (€9.0 per share), as compared to €10.6 billion (€8.7 per share) as at year end 2019, driven by net profits including revaluation gains. Positive revaluation gains of €560 million, +2.5% on a like-for-like basis, included solid office revaluations gains, offset by negative revaluation gains in the hotel portfolio. Almost the entire hotel portfolio has been revalued by external valuators.

STRONG DISPOSAL ACTIVITY OF NON-CORE AND MATURE ASSETS, CHANNELED INTO HIGHLY ACCRETIVE SHARE BUY-BACK PROGRAM
Year to date the Company signed disposals of non-core and mature properties amounting to approx. €1 billion, increasing the portfolio quality while freeing up funds and strengthening liquidity. The disposals were signed at 6% above book value, validating the conservative valuations of the portfolio. The freed up funds support the €500 million share buy-back program, which started in June 2020 and runs till the end of the year. Approx. 26% of the share buy-back program was executed as of August 21st, at a weighted average price of approx. €5.1 per share. AT is well on track to be finalize the program by year-end 2020. Compared to the EPRA NAV of €9.0 per share and considering the premium on disposals, the share buy-back has been executed at a significant discount creating very strong shareholder value. Year-to-date disposals were 70% retail and close to 50% were in non-core cities, thereby increasing the portfolio quality and strengthening the focus on offices in top tier cities. The Company continues with the sales program and is in advanced negotiations for additional disposals in a volume of over €1 billion.

GUIDANCE FOR FY 2020 PUBLISHED DRIVEN BY HIGH DISPOSAL VOLUMES
For full year 2020 the FFO I after perpetual is expected to be in the range of €460-€485 million, €0.34-€0.36 per share. After including the estimated extraordinary non-recurring rental provisions for Covid effects, FFO I per share after perpetual is expected to be in the range of €0.25-€0.28. The guidance includes the effect of €1 billion year-to-date signed disposals plus an additional €1 billion net sales. The effect of the share buyback will be partial in 2020 and will have a full effect only in 2021.

The financial statements for H1 2020 are available on the Company’s website:
Financial Reports - Aroundtown SA - Largest German Listed Commercial Real Estate Company

For definitions and reconciliations of the Alternative Performance Measures, please see the relevant sections in the pages 44-47 of the H1 2020 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/use … 2_2020.pdf

Dans ce contexte je suis encore plus satisfait d’avoir demandé et obtenu de BINCK le référencement de AROUNDTOWN sur le PEA.

A l’annonce des résultats, le cours d’Aroundtown était plutôt bien orienté.

La baisse du jour est étonnante, mais il y a peut-être une actualité en Allemagne qui nous échappe.

Avec ses activités hôtelières et ses bureaux, Aroundtown est un "titre COVID" : tant que le virus ne sera pas sous contrôle (annonce d’un traitement ou d’un vaccin), le cours ne remontera pas significativement, quelle que soit la décote sur la NAV.

Du moins, c’est comme cela que fonctionne "monsieur le marché" depuis plusieurs mois.

J’avoue avoir renoncer à comprendre pourquoi "monsieur le marché" regarde à des années lumières devant soi pour Tesla, mais seulement à quelques mois pour les foncières.

Déontologie : je détiens une position acheteuse/vendeuse sur une ou plusieurs société(s) listée(s) dans ce message.

Je suis d’accord - on est dans une phase purement spéculative où les fondamentaux importent peu, on short massivement les "titres COVID" et on fait monter au ciel les technos. Ce qui explique des variations de 5% un jour et -6% le lendemain sur des titres pourtant peu spéculatifs par nature (une grosse foncière n’est pas une jeune biotech)

C’est en réalité une excellente phase pour les investisseurs long terme, on peu exploiter les délires de Mr Marché pour ramasser à bon compte les entreprises sur-vendues et prendre quelques bénéfices sur les valorisations délirantes. Quand la visibilité reviendra en 2021 et que les taux remonteront (plus tard…) le marché va tourner et inversera les mouvements actuels. Il faut faire comme en 2008 et ne pas se laisser emporter par la folie ambiante.

Quel peut bien être le but de cette offre de rachat d’action en espèce ? Une réduction de capital à bon compte, le cours de l’action étant autour de 45% en-dessous de la NAV ?

Déontologie : je détiens une position acheteuse/vendeuse sur une ou plusieurs société(s) listée(s) dans ce message.

Il faudrait lire le descriptif complet, mais il est plausible qu’une telle offre leur permette de dépasser certains seuils de rachat d’actions propres en regard du nombre d’actions en circulation. (Règle des 10% chez nous) Ce n’est qu’une hypothèse, je ne m’y connais pas le moins du monde en droit allemand.

Suggestion: Je pense qu’il pourrait être judicieux de faire un topic Aroundtown en extrayant les messages en liens présents sur ce topic car la société est à la fois suivi par pas mal d’IHs mais également compte tenu du fait que ce topic soit envahi majoritairement par cette société alors que d’autres foncières (résidentielles notamment) sont intéressantes!

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Pour faire suite à l’offre de rachat d’action, celui-ci s’est soldé avec 121 330 106 actions rachetées à 5€ par action.
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TLG IMMOBILIEN, filiale à 77,76% d’Aroundtown annonce un dividende de 0,96 EUR par action et des cessions réussies.
Cela fait rentrer environ 80m€ de cash chez Aroundtown.
Ils annoncent notamment des ventes pour environ 630m€, à 45m€ au dessus de la valeur comptable des actifs cédés (principalement des actifs de commerces).
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Hors Sujet: Nouvel actionnaire LT de la société.

Déontologie : je détiens une position acheteuse/vendeuse sur une ou plusieurs société(s) listée(s) dans ce message.

Proposition de versement du dividende en action.

Aroundtown - Subscription price a écrit :

The subscription price corresponds to the Reference Price (as defined below) reduced by a discount of 15% and rounded to two decimal places (“Subscription Price”). The Reference Price for Aroundtown shares will be equal to the average of the daily volume weighted average Aroundtown share price in euros in the Xetra trading system of the Frankfurt Stock Exchange over the four (4) trading day period prior to the publication of the Subscription Price (“Reference Price”). The Reference Price is expected to be determined after the close of trading on 5 January 2021.

Par ailleurs la même publication indique que les cessions réalisées sont à ce jour de 2,6 milliards d’euros (soit 700 millions de plus depuis début novembre), et des négociations sur plus de 500 millions d’euros.

Par ailleurs, Aroundtown annonce avoir réussie son opération de refinancement de ses obligations à court terme.

Aroundtown ("the Company" or "AT") announces the final results of its successful tender offer to the holders of its Series D (1.5% coupon, maturing 2022), Series E (1.5% coupon, maturing 2024), and Series 35 (1.375% coupon, maturing 2024) Straight Bonds (the "Bonds"). The Company has in total accepted €439 million in aggregate principle amount of tendered notes, of which €57 million of Series D, €271 million of Series E and €111 million of Series 35 Bonds. As more than 80% of the original principle amount of Series D and Series 35 Bonds will be repurchased, Aroundtown has the option to redeem the remaining outstanding amount of Series D and Series 35 Bonds, resulting in a total potential repurchase amount of approx. €570 million. The repurchase of the Bonds has been financed through the issuance of €1 billion of new Series 38 Straight Bonds, which have been issued at a coupon of 0% and mature in Q3 2026, resulting in a reduction of the Company’s cost of debt while further optimizing its balanced debt maturity schedule.

Bref une société bien gérée à mon sens!

Déontologie : je détiens une position acheteuse/vendeuse sur une ou plusieurs société(s) listée(s) dans ce message.

FunnyDjo a écrit :

La 2e option s’intitule "Securities Option" sur leur plate-forme SaxoTraderGo. Pensez-vous que c’est le choix pour le paiement en action ?

Oui.

ETR: AT1 sur XETRA
Pas de cotation à Paris

Déontologie : je détiens une position acheteuse/vendeuse sur une ou plusieurs société(s) listée(s) dans ce message.

Bonjour,
Je viens de recevoir ce jour un appel de Fortuneo concernant l’OST m’indiquant qu’Aroundtown requiert la signature d’un document de 6 pages à renvoyer avant ce jour 17h.

Le fichier se trouve en copie ici (pour une durée de 24h) si ça peut intéresser certaines personnes.

Déontologie : je détiens une position acheteuse/vendeuse sur une ou plusieurs société(s) listée(s) dans ce message.

En realité, a moins que vous ayez acheté vos titres récemment, aroundtwon était déjà sur le XFRA chez Binck

J’ai retrouvé le mail lors du changement de place :

binck a écrit :

La société AROUNDTOWN SA ((code ISIN LU1673108939) a décidé la radiation d’EURONEXT GROWTH PARIS de la totalité de ses actions ordinaires.

La Société restant cotée sur le Frankfurt Stock Market (le "Marché de Référence"), vous avez deux possibilités: