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

Aroundtown a vu sa notation s’améliorer chez S&P. La dette senior est maintenant BBB+ et la dette hybride BBB- (investment grade) ce qui devrait permettre des couts de financement plus bas.

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

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

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.

Résultats S1 publiés ce jour.

Dans les grandes lignes:

- Net rental income de EUR458 millions au S1 2021, contre EUR502 millions en N-1, qu’ils expliquent par le niveau important des cessions

-  Total des cessions à hauteur de EUR1.1 milliards réalisées au S1 2021, 3% au dessus de la valeur comptable (le patrimoine total était valorisé à hauteur de EUR30.7 milliards)

- EBITDA ajusté de EUR452 millions au S2 2021, contre EUR500 millions en N-1

- FFO par action de 0.15 EUR vs 0.17 EUR en N-1

- EPRA NTA stable à 9.6 EUR / action

- LTV: 33%

- croissance des loyers de +2% sur une base comparable (hors cessions)

- sur la partie hôtellerie, ils indiquent une collecte de 34% des loyers au S1, 45% en juillet

Dividende

Dividende prévisionnel par action pour l’année 2021: entre 0.22 et 0.24 EUR / action

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

Belle hausse ce jour liée à une finalisation (90% déjà effectué) du programme de rachat d’actions d’un montant de 500m€ et prolongation de celui-ci d’un même montant.

La stratégie me semble être la bonne, concentration de la qualité du patrimoine, augmentation de la NAV via des rachats d’actions.

Pour rappel, au 30/09:


La stratégie est identique que ce soit chez Aroundtown ou Grand City Properties (dont Aroundtown possède une minorité de contrôle et risque de finir majoritaire sous peu…).
La seule limite de GCP, est le rachat d’actions pour des prix compris entre 20€ et 21,25€ qui fait qu’en cas de baisse plus forte, celui-ci est en stand-by (cf ici)…

Résultats annuels le 29/03

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Pour information :
Aroundtown SA annonce avoir publié le prix de souscription de 2,48 EUR et le ratio de souscription de 12,69 : 1 pour le dividende en actions annoncé précédemment le 30 juin 2022.

Source

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

Pour ceux qui se demandent pourquoi le cours a récemment brutalement décroché, il semble que ce soit une réaction aux résultats 2022 de Grand City Properties, qui annonce une suspension du dividende malgré des résultats à vue de nez assez bons. AroundTown possède 60% de Grand City (ce qui représente 1/3 de son portefeuille).

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

Résultats Q1 2023 enfin sortis :

AroundTown a écrit :

* Disposals of approx. €320 million signed year to date (€155 million in Q1 2023).
* Bonds repurchased in the amount of circa €710 million in 2023 YTD (€114.5m in Q1 2023) at a 17% discount to par.
* Net rental income of €297 million in Q1 2023 as compared to €309 million in Q1 2022 as a result of high disposal volume.
* FFO I amounting to €85 million for Q1 2023, down 5% YOY. FFO I per share amounted to €0.077 for Q1 2023, down 4% YOY.
* Net loss of €22 million in Q1 2023 reflecting basic loss per share of 0.04, as a result of negative property revaluations in the amount of €133 million.
* EPRA NTA amounting to €10 billion and EPRA NTA per share of €9.3 at the end of March 2023.
* Conservative financial profile maintained, with LTV of 40% and equity ratio of 48% as of March 2023 and strong ICR of 4.8x in Q1 2023.
* Liquidity balance of €3 billion, up by over €300 million since Dec 2022, which cover debt maturities until the end of 2025. Additional liquidity sources through undrawn revolving credit lines and €22 billion unencumbered properties.
* Full year 2023 guidance confirmed with all financial KPI’s in line.

Le marché semble apprécier et le titre est en nette hausse (mais bon vu la dégringolade et la décode sur NTA…)

En comptant les rachats de dette post Q1 ils annoncent une LTV à 37%

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

Merci pour ce partage!
Une petite note: l’ICR est un multiple, donc ici 4.5×, pas 4.5%.
La baisse de 2% des revenus est brute, retraité des cessions il augmente de 3.4%.

EPRA NTA à 8.4€/action, pour une cotation à 1.41€… ça laisse rêveur sur ce que le marché pense de cette société. J’ai du mal à l’expliquer d’ailleurs, les chiffres ne sont pas si mauvais, l’endettement notamment semble sur le papier "maitrisé" malgré ce qui s’est passé récemment. Mi-2026 c’est une éternité de nos jours!