Aroundtown : H1 2021 Interim Consolidated Report

Dresden

AROUNDTOWN S A

INTERIM

CONSOLIDATED REPORT

For the six-month period ended June 30,

2021

Frankfurt

Büro Center (FBC)

Mainzer Landstraße

43k sqm

Frankfurt Stadtmitte	Intercontinental Frankfurt
Bleichstraße	Wilhelm-Leuschner Strasse
9k sqm	28k sqm

Banking District

Frankfurt Hauptbahnhof

Frankfurt HBF (Central Train Station)

Karlstraße

3k sqm

Frankfurt HBF

Hafenstraße

20k sqm

Frankfurt

FRANKFURT:

MAIN CENTRAL TRAIN STATION & CENTRAL BUSINESS DISTRICT

AT HAS APPROX. 200,000 SQM

LETTABLE SPACE IN

FRANKFURT'S PRIME CENTER

Frankfurt HBF	Frankfurt Office Campus
Stuttgarter Straße	Gutleutstraße
9k sqm	88k sqm

CONTENT

BOARD OF DIRECTORS´REPORT

THE BUSINESS & OPERATIONS

2 Key Financials

4 The Company

6 Key Achievements

8 Aroundtown's Quality Portfolio

19 Capital Markets

MANAGEMENT DISCUSSION AND ANALYSIS

20 Notes on Business Performance

40 Alternative Performance Measures

DISCLAIMER

45 Responsibility Statement & Disclaimer

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

1. Interim consolidated statement of profit or loss
2. Interim consolidated statement of other comprehensive income
3. Interim consolidated statement of financial position

50 Interim consolidated statement of changes in equity

52 Interim consolidated statement of cash flows

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

54 Notes to the interim consolidated financial statements

				MANAGEMENT DISCUSSION	DISCLAIMER
			THE BUSINESS & OPERATIONS
			AND ANALYSIS

FINANCIAL POSITION

HIGHLIGHTS

in € millions unless otherwise indicated		Jun 2021		Dec 2020		Dec 2019
Total Assets		30,720.6		31,021.6		25,444.7
Total Equity		15,717.9		15,583.0		13,378.9
Investment property		20,898.7		21,172.4		18,127.0
Cash and liquid assets 1)		3,244.2		3,262.7		3,043.8
Unencumbered assets ratio 2)		81%		76%		81%
Equity Ratio		51%		50%		53%
Loan-to-Value		33%		34%		34%

1. including cash and liquid assets under held for sale
2. by rent

NET ASSET VALUE

in € millions unless otherwise indicated		EPRA NRV		EPRA NTA		EPRA NDV
Jun 2021		13,113.4		11,221.5		8,371.8
Jun 2021 per share (in €)		11.2		9.6		7.2
Per share growth (dividend adjusted)		3%		3%		5%
Per share growth		1%		1%		1%
Dec 2020		13,093.9		11,187.4		8,354.9
Dec 2020 per share (in €)		11.1		9.5		7.1

KEY FINANCIALS

in € millions unless otherwise indicated		1-6/2021	Change		1-6/2020
Revenue		541.4		(8%)		588.3
Net rental income		457.8		(9%)		501.9
Adjusted EBITDA 1)		451.9		(10%)		500.0
FFO I before Covid adjustment 1)		247.2		(8%)		268.5
FFO I per share before Covid adjustment 1)		0.21		5%		0.20
FFO I 1) 2) 3)		172.0		(26%)		233.5
FFO I per share 1) 2) 3)		0.15		(12%)		0.17
FFO II 2) 4)		548.4		61%		340.3
ICR		5.0x		0.5x		4.5x
Profit for the period		362.1		(42%)		626.3
EPS (basic) (in €)		0.25		(31%)		0.36
EPS (diluted) (in €)		0.25		(31%)		0.36

1. including AT's share in companies which AT has significant influence, excluding the contributions from assets held for sale
2. including extraordinary expenses for uncollected rent due to the Covid pandemic (€75 million in H1 2021, €35 million in H1 2020)
3. previously defined as FFO I (per share) after perpetual, Covid adjusted
4. reclassified in Q4 2020 to be based on FFO I (previously defined as FFO I after perpetual, Covid adjusted)

2 | AROUNDTOWN SA | Board of Directors' Report

				MANAGEMENT DISCUSSION	DISCLAIMER
			THE BUSINESS & OPERATIONS
			AND ANALYSIS

Alexanderplatz

Karl-Liebknecht-Straße

24k sqm

Berlin TV Tower

Hackescher Market

Münzstraße & Max-Beer-Straße

2k sqm

Hackescher Market

Dircksenstrasse

9k sqm

Alexanderplatz

Alexanderplatz

Karl-Liebknecht-Straße

34k sqm

Alexanderplatz

BERLIN

Karl-Liebknecht-Straße

ALEXANDERPLATZ

6k sqm

Alexanderplatz

AT HAS OVER 140,000 SQM

Alexanderstraße

LETTABLE SPACE IN

55k sqm

THE PRIME COMMERCIAL

AND TOURIST CENTER

ALEXANDERPLATZ

Alexanderplatz

Bernhard-Weiß-Straße

2k sqm

Alexanderplatz

Train Station

Alexanderplatz

Rathausstraße

11k sqm

Berlin

AROUNDTOWN SA | Board of Directors' Report | 3