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Aroundtown logs 29% YOY boost in Q1 FFO I

Luxembourg-based diversified property company Aroundtown SA's funds from operations I for the first quarter rose 29% year over year to €118.1 million from €91.2 million a year ago.

On a per share basis, FFO I came to 10.5 cents compared to 9.4 cents from the first quarter of 2018. FFO I per share after perpetual notes distribution rose 14% annually to 9.5 cents from 8.3 cents.

The company logged a 72% year-over-year rise in its FFO II at €161.1 million from €93.5 million.

Aroundtown's profit for the three-month period rose 18% to €436.9 million from €370.6 million in the year-ago period. Revenue jumped 25% year over year to €207.5 million from €166.3 million, and net rental income reached €177.6 million, marking a 28% year-over-year rise from €139.0 million.

The company's net asset value per share was €8.7 in March, up 6% from €8.2 in December 2018. NAV as defined by the European Public Real Estate Association was €8.2 per share in March, also up 6% from €7.7 per share in December 2018.