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LUXEMBOURG - Aroundtown SA announced its nine-month 2025 results on Wednesday, reporting stable net rental income of €886 million compared to €883 million in the same period last year, supported by a 3.1% like-for-like rental growth that offset the impact of property disposals.
The commercial real estate company posted a net profit of €882 million and basic earnings per share of €0.49 for the first nine months of 2025, driven by positive property revaluations in the first half of the year, operational growth, and a one-time non-cash deferred tax income impact from changes in German income tax law during the third quarter.
Adjusted EBITDA slightly decreased to €750 million, down 1% from €758 million in the same period of 2024, while FFO I (funds from operations) amounted to €221 million or €0.20 per share.
The company’s loan-to-value ratio improved to 41% as of September 2025, down from 42% at the end of 2024. EPRA NTA (net tangible assets) increased by 5% to €8.5 billion, or €7.8 per share, compared to December 2024.
After the reporting period, Aroundtown issued €700 million in new perpetual notes with a 5.25% coupon and used the proceeds to buy back €1.2 billion in existing perpetual notes that carried higher average coupons of 7%. The company expects this transaction to reduce coupon payments by approximately €50 million annually.
In September, the company also issued an €850 million bond with a 3.25% coupon, which settled in October, and a CHF 150 million bond in November at a 1.5% coupon rate. These issuances were accompanied by tender offers that helped extend the company’s debt maturity profile.
As of September 2025, Aroundtown maintained an average cost of debt of 2.2% with an average debt maturity of 3.6 years.
The company confirmed its full-year 2025 guidance, according to the press release statement.
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