Aroundtown 2025年第一季度符合预期，维持2025财年预期指引

Q125 in line, FY25E guidancemaintained First Look Annualised Q125 FFO I/sh of €0.07 (flat YoY) is in line with thereconfirmed guided FY25E range (€0.26-€0.28). Report talks tostrong operations with LFL NRI +3% (total NRI +1%). €149m ofsales closed in quarter at 5.6% rent multiple (portfoliovaluation yield 5.0%). AT1.F/AT1 GRUNDERWEIGHTEuropean Real EstateNEUTRALPrice TargetEUR 2.10Price (27-May-25)EUR 2.69Potential Upside/Downside-21.9%Source: Bloomberg, Barclays Research European Real Estate Paul May, CFA+44 (0)20 3134 1444paul.j.may@barclays.comBarclays, UK •Earnings:• °Q125 FFO I/sh of €0.07, flat YoY. Annualised, Q125 FFO I/sh is in line with the reconfirmed°guided FY25E range (€0.26-€0.28 - also flat YoY). Eleanor Frew, CFA+44 (0)20 3555 0748eleanor.frew@barclays.comBarclays, UK °Reported LFL rental growth 3.0%:° ■OfficesLFL+1.6%, vacancy improved 10bps QoQ but remains elevated at 12.6%,■ Kanad Mitra+91 (0)22 6175 1793kanad.mitra@barclays.comBarclays, UK ■Residential LFL +4.5%, with vacancy flat at 3.5%.■ •Balance sheet:• °EPRA NTA of €7.6 is +3% QoQ, with property values noted as +0.8%.°°Reported LTV reduced 1%pt to 41% but note this excludes the hybrids. EPRA LTV (incl.°hybrids) improved to 59% (-1%pt QoQ).°ND/EBITDA (excl. Hybrids) of 10.5x, improved from 10.7x FY24, and ICR (excluding hybrid°coupons) improved to 4.3x (4.0x at FY24). •Portfolio:• °Property rental yield reduced to 5.0% (-10bps QoQ), which still looks tight relative to°market yields and company disposal yields. Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that couldaffectthe objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA. Please see analyst certifications and important disclosures beginning on page 3.Completed: 28-May-25, 06:32 GMTReleased: 28-May-25, 06:32 GMTRestricted - External °€149m of disposals closed in Q125. These are noted to be "around book value", but the rent°multiple of 18x (or 5.6% yield) remains higher than the portfolio average. Recall the groupclosed €740m of disposals in FY24 at 18x (5.6%) yield too. °Encouragingly the balance on vendor loans reduced to €0.33bn (YE24 €0.55bn) as some°loans were repaid and some assets were taken over by the group. The remaining loanscarry an interest rate of c. 5%. Company trades on a c. 24% unlevered discount to gross asset value. Sharesoffera c. 10% mid-range of guidance FY25E FFO I/sh yield. Conference call at 9am GMT (10am CET): webcast https://www.webcast-eqs.com/register/aroundtown-2025-q1/de Telephone registration https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=6369939&linkSecurityString=f272b6ccb Barclays | Aroundtown Analyst(s) Certification(s):We, Kanad Mitra, Paul May, CFA and Eleanor Frew, CFA, hereby certify (1) that the views expressed in this research report accurately reflect our personal views about any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will bedirectly or indirectly related to the specific recommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT. Availability of Disclosures: Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072. The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst. Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on