Aroundtown S.A. — Earnings Release 2016

Nov 28, 2016

Aroundtown Property Holdings Plc. / 3rd Quarter Results

28-Nov-2016 / 07:04 CET/CEST

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AROUNDTOWN'S 9M 2016 RESULTS:

STRONGGROWTHAND SOLID FINANCIAL STRUCTURE

• Rental and operating income for the first nine months in 2016 at EUR183 million, up 127% YOY
• EBITDAamounted to EUR872 million increasing from EUR837 million in 9M 2015

• Adjusted EBITDAat EUR184 million, an increase of 79% YOY

• Net profit at EUR716 million. EPS (basic) is EUR0.87 (EUR1.08 9M 2015) diluted EPS at EUR0.66 (EUR0.90 9M 2015).

• FFOI at EUR113 million, up 77% YOY

• FFOI per share increased to EUR0.18, 50% YOY

• EPRANAV at EUR4.1 billion as of September 30 2016, an increase of 36% from EUR3 billion in December 2015

• Keeping low leverage with LTV at 41% as of September 2016. Considering conversion of convertible bonds which are in the money, LTV reduces to 35%, forming a wide equity base to support future growth

• Equity ratio at 49%. Considering the conversion of 'in the money' convertible bonds, the Equity ratio assuming conversion is 56%

• Interest Cover Ratio at 4.4x for the 9M in 2016, corresponding to the low cost of debt and strong operational performance

• Ample liquidity with EUR274 million in cash and liquid assets as of September, complemented by EUR500 million perpetual notes issuance inOctober 2016 and EUR150 million tap of Series E straight bond in November 2016, providing significant financial headroom and positioning the Company towards further growth

28 November 2016.

Well positioned to benefit fromthe high quality of the purchased assets and capture effects of economies of scale

Successfully incorporating this year's acquisitions into the existing management platform,Aroundtown is well positioned to utilize its strengths and skills in managing the assets and methodically increasing their operational performance and profitability. With investment property, including advanced payments, increasing to EUR4.9 billion and total assets at EUR6.8 billion as of September 2016, the quality of the portfolio in terms of its individual assets is further emphasized by the benefits associated with its absolute size, and the quality of the meaningful diversity across industries, asset types and geographical centers.

Continuously producing strong operational results, supporting growth with high profitability

Continuous operational achievements in increasing rents and occupancy levels, along significant volume of accretive investments over the period, have resulted in an amount of EUR183 million in rental and operating income, an increase of 127% compared to the first nine months of 2015. The Adjusted EBITDA amounted to EUR184 million, considering also AT's relative share inGCP's results. The FFO I of EUR113 million translates to EUR0.18 per share, a 50% increase to 9M 2015, underlying the Company's ability to generate significant value to its shareholders.

Following the significant acquisitions and operational improvements over the period the monthly annualized adjusted EBITDA run rate as of October 2016 is EUR288 million, FFO Irun rate of EUR188 million, or EUR0.28 per share.

The EPRA vacancy of the commercial portfolio as of October 2016 is 7.4%.AT's efforts in repositioning the portfolio and improving the operational performance of the assets have resulted in a significant value creation, captured in capital gains of EUR588 million over the first nine months of 2016, leading to a net profit of EUR716 million. Together with the issuance of EUR270 million in equity inApril 2016, the resulting EPRA NAV amounts to EUR4.1 billion as of September 30th 2016, compared to 3 billion at year-end 2015. Pro-forma, including the funds raised by the EUR500 million perpetual notes inOctober 2016, EPRA NAV including perpetual notes amounts to EUR4.6 billion.

Forming a diverse financial structure and wide equity base

In order to finance the current and future portfolio growthAroundtown is forming a strong and diverse financial structure of straight bonds, bank debt, equity and perpetual notes.

AT issued EUR600 million straight bond, Series D, inApril 2016, and EUR500 million straight bond, Series E, in July 2016, both bearing a coupon of 1.5%. Furthermore, in November 2016 Series E was tapped-up by another EUR150 million, bringing the combined nominal value of the straight bonds D and E to EUR1.25 billion.

On the equity side, the Company has issued EUR500 million perpetual notes during October 2016 in addition to EUR270 million equity inApril 2016.

The resulting leverage of 41% LTV as of September 2016 is in line with the conservative financial approach of the Group, and well clear of the 45% internal limit set by the Board of Directors.Assuming conversion of convertible bonds which are in the money, LTV reaches 35%.

Building on its operational capabilities, this diverse and long term financial structure and modest leverage will allowAroundtown to focus on steadily materializing additional value in its portfolio and pursue further growth opportunities.

The full Q3 2016 interim financial report is available on the Company's website: http://www.aroundtownholdings.com/downloads.html

About the Company

Aroundtown Property Holdings Plc (trading symbol:AT1 on Frankfurt Stock Exchange/Xetra;ALATP on Euronext) is a specialist real estate company focused on value-add income generating properties primarily in the German real estate markets.Aroundtown Property Holdings Plc (ISIN: CY0105562116) is a public limited liability company incorporated in 2004 under the laws of Cyprus, having its registered office atArtemidos & Nikou Dimitriou, 54 B, 6027, Larnaca, Cyprus (registered number HE148223).

Contact:

Timothy Wright T: +357-2420-1312 E: info@aroundtownholdings.com www.aroundtownholdings.com

Disclaimer:

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELLOR THE SOLICITATION OF AN OFFER TO BUYANY SECURITIES. THE SECURITIES MENTIONED IN THIS ANNOUNCEMENT HAVE NOT BEEN,AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,AS AMENDED (THE 'SECURITIES ACT'),AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION ORAN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT. THERE WILL BE NO PUBLIC OFFERING OF THE SECURITIES IN THE UNITED STATES. THIS ANNOUNCEMENT IS DIRECTED ATAND IS ONLYBEING DISTRIBUTED IN THE UNITED KINGDOM TO (I) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHINARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE 'ORDER'), (II) HIGH NET WORTH ENTITIES,AND OTHER PERSONS TO WHOM IT MAYOTHERWISE LAWFULLYBE COMMUNICATED FALLING WITHINARTICLE 49 OF THE ORDER,AND (III) PERSONS TO WHOM IT MAYOTHERWISE LAWFULLYBE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TOAS 'RELEVANT PERSONS'). THIS COMMUNICATION MUST NOT BE READ,ACTED ON OR RELIED ON BYPERSONS WHOARE NOT RELEVANT PERSONS.ANYINVESTMENT OR INVESTMENTACTIVITYTO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLYTO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLYWITH RELEVANT PERSONS. IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA ('EEA'), THIS ANNOUNCEMENTAND ANYOFFER IF MADE SUBSEQUENTLYIS DIRECTED ONLYAT PERSONS WHOARE 'QUALIFIED INVESTORS' WITHIN THE MEANING OF ARTICLE 2(1)(E) OF DIRECTIVE 2003/71/EC,AS AMENDED (THE 'PROSPECTUS DIRECTIVE') ('QUALIFIED INVESTORS').ANYPERSON IN THE EEA WHOACQUIRES THE SECURITIES IN ANYOFFER (AN 'INVESTOR') OR TO WHOM ANYOFFER OF THE SECURITIES IS MADE WILL BE DEEMED TO HAVE REPRESENTED AND AGREED THAT IT IS A QUALIFIED INVESTOR.ANYINVESTOR WILLALSO BE DEEMED TO HAVE REPRESENTED AND AGREED THATANYSECURITIES ACQUIRED BYIT IN THE OFFER HAVE NOT BEENACQUIRED ON BEHALF OF PERSONS IN THE EEA OTHER THAN QUALIFIED INVESTORS, NOR HAVE THE SECURITIES BEEN ACQUIRED WITHA VIEW TO THEIR OFFER OR RESALE IN THE EEA TO PERSONS WHERE THIS WOULD RESULT INA REQUIREMENT FOR PUBLICATION BYTHE COMPANYORANYOF THE JOINT BOOKRUNNERS OF A PROSPECTUS PURSUANT TOARTICLE 3 OF THE PROSPECTUS DIRECTIVE. THIS ANNOUNCEMENT MAYCONTAIN PROJECTIONS OR ESTIMATES RELATING TO PLANS AND OBJECTIVES RELATING TO OUR FUTURE OPERATIONS, PRODUCTS, OR SERVICES, FUTURE FINANCIAL RESULTS, ORASSUMPTIONS UNDERLYING OR RELATING TOANYSUCH STATEMENTS, EACH OF WHICH CONSTITUTES A FORWARD-LOOKING STATEMENT SUBJECT TO RISKS AND UNCERTAINTIES, MANY OF WHICHARE BEYOND THE CONTROLOF AROUNDTOWN PROPERTYHOLDINGS PLC.ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ONA NUMBER OF FACTORS.

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Language:	English
Company:	Aroundtown Property Holdings Plc.
	Faros, Shop 2, Spyros Thalassines Alkyonides
	7560 Larnaca

Cyprus Internet: www.aroundtownholdings.com ISIN: XS1151498737 WKN: A1ZTVA Listed: Regulated Unofficial Market in Berlin, Stuttgart; Open Market in Frankfurt ; Paris Category Code: QRT TIDM: IRSH Sequence Number:3632 Time of Receipt: 28-Nov-2016 / 07:00 CET/CEST

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