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Aroundtown, one of Germany's largest listed landlords, posted a 2.436 billion euro ($2.64 billion) loss in 2023 amid Germany's worst real-estate crisis in decades, the company reported on Wednesday.
The property firm's loss was narrower than the 457.1 million euros reported in 2022. It reported funds from operations excluding disposal gains - a measure of recurring free cash flow and the company's key indicator of operational strength - of 332 million euros, meeting its 310 to 340 million euro guidance for 2023.
On Tuesday the MDax-listed company announced the suspension of its dividend due to market uncertainties and a focus on cash preservation.
German real estate firms are leaving behind a decade-long boom fuelled by low interest rates with Germany's largest property company Vonovia this month posting a record loss of more than 6 billion euros for 2023.
In its annual report, Aroundtown reported property revaluations amounting to negative 3.2 billion euros, a like-for-like devaluation of 11%. ($1 = 0.9236 euros) (Reporting by Marleen Kaesebier and Chiara Holzhaeuser; Editing by Kim Coghill and Jamie Freed)