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DGAP-News Grand City Properties S.A. announces Q1 2021 results

Nachrichtenquelle: EQS Group AG
18.05.2021, 06:50  |  131   |   |   

DGAP-News: Grand City Properties S.A. / Key word(s): Quarter Results/Real Estate
Grand City Properties S.A. announces Q1 2021 results

18.05.2021 / 06:50
The issuer is solely responsible for the content of this announcement.



THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAWS OR REGULATIONS

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.

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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. announces Q1 2021 results 18.05.2021 / 06:50 The issuer is solely responsible for the content of this announcement. THIS ANNOUNCEMENT IS …

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