Atrium 3Q 20 - 3Q similar to previous quarters, but deteriorating conditions
Atrium published its 3Q trading statement today providing headline figures for the quarter. The results were broadly in line with previous quarters, however, as expected, lower than 3Q 19 due to the impact of the pandemic. Net rental income amounted EUR 35 mn in 3Q (vs. 3Q 19: EUR 41 mn, 2Q 20: EUR 35 mn, 1Q 20: EUR 36 mn). The impact of the pandemic so far this year amounts to EUR 35 mn (EUR 8 mn in 3Q) with only EUR 17 mn (EUR 5 mn in 3Q) affecting the P&L immediately. The remaining EUR 18 mn is being straight lined. 2Q 20 EBITDA amounted to EUR 30 mn, a EUR 5 mn decrease yoy reflecting the pandemic impact and FFO I came in at ca. EUR 19 mn, similar to 1Q and 2Q 20.Atrium European Real Estate is engaged in the ownership, management and operation of commercial real estate in the retail sector. Co. primarily operates in Poland, the Czech Republic, Slovakia, Russia, Hungary and Romania. Co. has two reportable segments: the standing investment segment includes all commercial real estate held to generate rental income for Co.; and the development segment includes all development activities and activities related to land plots. As of Dec 31 2016, the portfolio of standing investments consisted of 59 properties in Poland, the Czech Republic, Slovakia, Russia, Hungary, and Romania.
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