Altarea: sharp drop in FFO in 2023

(CercleFinance.com) - Altarea announces a drop in its FFO (recurring net income) to E101.
2m in 2023 (from E275.4m in 2022), with a bottom line loss of E472.9m after changes in value, and an NAV of E115.7 per share (-26.3%).

The real estate group will propose a 2023 dividend to its AGM on 5 June of E8 per share, with the possibility of receiving payment either 100% in cash, or 25% in cash and 75% in shares.

Altarea says thét it is targeting an increase in 2024 FFO, the magnitude of which will depend on the macroeconomic environment, and has a four-year FFO target of exceeding the high point of the previous cycle (over E300m).


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