DGAP-News Grand City Properties S.A. announces Q1 2021 results
DGAP-News: Grand City Properties S.A. / Key word(s): Quarter Results/Real Estate
GRAND CITY PROPERTIES S.A. STARTS 2021 IN LINE WITH GUIDANCE, SUPPORTED BY SOUND OPERATIONS AND ENHANCED PORTFOLIO QUALITY
- €270 million share buyback program, of which €89 million completed in Q1 2021, supports accretive growth on a per share basis.
- Net rental income for Q1 2021 at €90.6 million as compared to €94.5 million in Q1 2020, lower due to disposals at gains over book value.
- Adjusted EBITDA of €73 million for Q1 2021, as compared to €74 million for Q1 2020.
- FFO I at €47 million for Q1 2021, stable in comparison to Q1 2020, as a result of strong operational efficiencies.
- FFO I per share for Q1 2021 was €0.27, against €0.28 for the corresponding period in 2020. FFO I yield of 4.9% (based on a share price of €22).
- Disposals of €220 million at a significant gain of 16% over net book values.
- Profit for the period amounted to €51 million, basic EPS of €0.20 and diluted EPS of €0.19.
- EPRA NTA as of March 2021 amounted to €4.5 billion and €27.0 per share, as compared to €4.6 billion and €26.5 per share as of year-end 2020.
- Strong equity base maintained with total equity amounting to €5.4 billion, reflecting an equity ratio of 50%.
- Conservative nature of the credit profile retained with a low LTV of 33%, larger level of unencumbered investment properties amounting to €7.6 billion (92% of total portfolio value), complemented with a robust capacity for profit generation reflected in the ICR of 6.2x. Cost of debt reduced to 1% coupled with 7-year average debt maturity.