LUXEMBOURG (dpa-AFX) - Commercial real estate specialist Aroundtown felt the impact of falling property values and sales in the first quarter. Operating profit - measured by funds from operations (FFO 1), a key metric in the industry - fell 5.3 percent year-on-year to 84.6 million euros in the first three months of 2023, the MDax-listed company said in Luxembourg on Tuesday. In the current year, the company continues to target an operating profit of 300 to 330 million euros.

Net rental income shrank by 3.8 percent to 297.2 million euros in the first quarter of the year, mainly due to the sale of real estate. On balance, the company reported a loss of 21.6 million euros due to the lower valuation of its properties. In the same period last year, the balance sheet showed a profit of 124.5 million euros./mne/stk