EQS-News

Grand City Properties S.A. announces 9M 2022 results

EQS-News: Grand City Properties S.A. / Key word(s): 9 Month figures/Real Estate Grand City Properties S.A. announces 9M 2022 results 16.11.2022 / 06:49 CET/CEST 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. ANNOUNCES RESULTS FOR 9M 2022 WITH CONTINUOUS RENTAL GROWTH AND RECORD LOW VACANCY

• Net rental income for 9M 2022 amounted to €295 million, increasing by 7% as compared to €276 million recorded for 9M 2021.
• Solid like-for-like rental growth of 3.1% with 2.3% from in-place rent increases and 0.8% from occupancy increases, underlining the portfolio’s strong operational growth.
• Portfolio vacancy reaching a new historic low of 4.4% as of September 2022 decreasing by 0.9% as compared to 5.3% as of September 2021.
• Adjusted EBITDA for the first three quarters of 2022 totalling €230 million and increasing 4% YOY.
• FFO I of €145 million and €0.87 per share for 9M 2022, increasing by 3% and 4% respectively, as compared to €140 million and €0.84 for 9M 2021. FFO yield of 10.7%, based on a share price of €10.8.
• Optimized debt profile with cash and liquid assets covering debt maturities until mid-2025. Low average cost of debt of 1.2% and a long average debt maturity of 6.2 years. Undrawn credit facilities in the amount of €300 million provides additional flexibility.
• Low LTV of 35% as of September 2022, down from 36% in December 2021. Strong interest coverage with an ICR of 6.6x, and large pool of unencumbered assets amounting to approx. €9 billion (90% of total portfolio value) underline conservative financial profile.
• Net Profit of €273 million in the nine-month period ending September 2022, resulting in a basic EPS of €1.36 and a diluted EPS of € 1.33.
• EPRA NTA of €5.2 billion as of September 2022 as compared to €5 billion as of December 2021. EPRA NTA per share of €30.4 at the end of September 2022, increasing 3% year-to-date adjusted for the dividend.
• Strong equity base exemplified by an equity ratio of 53% at the end of September 2022.
• FY 2022 guidance confirmed and all financial KPI’s are in line.

Luxembourg, November 16, 2022 – Grand City Properties S.A. (“GCP” or the “Company”) announces results for the nine-month period ending September of 2022 with a strong operational performance. Net rental income increased by 7% year-over-year to €295 million, mostly as a result of net acquisitions made in past periods and the solid like-for-like rental growth of 3.1%. As a result, FFO I for this period increased by 3% to €145 million including the increase in operating expenses from the larger portfolio and cost inflation. The FFO I per share increased by 4% to €0.87 from €0.84, more than on the absolute level, mainly due to the accretive share buyback executed in 2021. GCP’s portfolio vacancy amounted to 4.4% at the end of September 2022, decreasing from 5.3% at the end of September 2021.