17.08.2018
Grand City Properties S.A. LU0775917882
DGAP-News: Grand City Properties S.A. announces H1 2018 results
DGAP-News: Grand City Properties S.A. / Key word(s): Real Estate/Half Year
Results
Grand City Properties S.A. announces H1 2018 results
17.08.2018 / 07:00
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE
UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE
U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN
MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA
(THE "UNITED STATES") OR IN OR INTO OR TO ANY PERSON RESIDENT OR LOCATED IN
ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO PUBLISH OR DISTRIBUTE THIS
DOCUMENT.
GRAND CITY PROPERTIES S.A. ANNOUNCES H1 2018 RESULTS:
HALF YEAR IS MARKED BY CONTINUOUS OPERATIONAL IMPROVEMENT
- Rental and operating income increased to EUR268 million, up by 12% from
EUR239 million YOY
- Adjusted EBITDA of EUR137 million, up 13% YOY from EUR121 million in H1
2017
- FFO I grew to EUR99 million, reflecting a growth of 16% YOY
- FFO I per share increased 9% YOY to EUR0.60, EUR1.20 on an annualized
level, reflecting a yield of 5.1%. FFO I per share after perpetual notes
attribution up 11% YOY to EUR0.52
- Net profit increased by 21% YOY to EUR271 million; EPS (basic) grew 15%
YOY to EUR1.43
- EPRA NAV increased by 5% to EUR3.5 billion and EUR21.2 per share, up from
EUR20.2 per share at year-end 2017
- EPRA NAV incl. perpetual notes increased 13% to EUR4.5 billion and EUR27.3
per share, grew from EUR4.0 billion and EUR24.2 per share at year-end 2017
- Equity of EUR4.3 billion, increased 12% since year-end 2017; reflecting an
equity ratio at 49%
- Low leverage maintained with LTV of 35%; sustainable sound credit profile,
highlighted by strong credit metrics with high ICR of 5.9x in H1 2018, long
debt duration of 8.3 years, low cost of debt of 1.6% and high unencumbered
ratio of 65% (EUR4.6 billion)
- Continued strong organic growth, reflected in like-for-like net rents
growth of 3.2% as of June 2018, with 2.5% from in-place rents growth and
0.7% from occupancy growth
- Guidance for 2018 confirmed
Luxembourg, August 17, 2018 - Grand City Properties S.A. ("GCP" or the
"Company")
has continued its successful performance in the first half of 2018. The
strong operational performance and cost discipline lead to an increase in
FFO I of 16% to EUR99 million. On a per share level, FFO I increased 9% to
EUR0.60 per share (EUR1.20 per share on an annualized basis) and 11% per
share after perpetual notes attribution. The consistent shareholder value
creation is also evident by the increase in the EPRA NAV including perpetual
notes growth of 13% to EUR4.5 billion.
Accretive capital recycling increases portfolio quality
Successful disposal of non-core assets for a value of EUR142 million,
generating a 12% profit over net book value, validating GCP value-add
business model. The profit over total cost of EUR88 million (profit margin
of over 160%) lead to an increase in FFO II by 119% to EUR187 million.
Channeling the funds into further accretive acquisitions in high quality
locations will improve the overall quality of the portfolio.
Christian Windfuhr, CEO of Grand City Properties: "The results for the first
half of 2018 verifies our consistency in high performance and value
creation. Our achievements during the year proved to be a firm step towards
reaching our 2018 guidance and we are steadily realizing the upside
potential in our portfolio".
The financial statements for H1 2018 are available on the Company's website:
grandcityproperties.com/en/downloads.html
For definitions of the alternative performance measures please see the
relevant section in the pages 44-48 of the financial statements for H1 2018
which you can find on the website under investor relations > downloads or
follow this link https://grandcityproperties.com/GCPH12018.pdf.
About the Company
The Company is a specialist in residential real estate, value-add
opportunities in densely populated areas primarily in Germany. The Company's
strategy is to improve its properties through targeted modernization and
intensive tenant management, and then create value by subsequently raising
occupancy and rental levels. Further information:
www.grandcityproperties.com
Grand City Properties S.A. (ISIN: LU0775917882) is a public limited
liability company (société anonyme) incorporated under the laws of the Grand
Duchy of Luxembourg, having its registered office at 1, Avenue du Bois,
L-1251 Luxembourg, Grand Duchy of Luxembourg and being registered with the
Luxembourg trade and companies register (Registre de Commerce et des
Sociétés Luxembourg) under number B 165 560. The shares of the Company are
listed on the Prime Standard segment of Frankfurt Stock Exchange.
Contact:
Grand City Properties S.A.
1, Avenue du Bois
L-1251 Luxemburg
T: +352 28 77 87 86
E: [email protected]
www.grandcityproperties.com
Press Contact:
Katrin Petersen
Grand City Properties S.A.
T: +49 (30) 374-381 5218
E: [email protected]
Disclaimer:
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION
OF AN OFFER TO BUY ANY SECURITIES.
THE SECURITIES MENTIONED IN THIS ANNOUNCEMENT HAVE NOT BEEN, AND WILL NOT
BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES
ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT. THERE WILL BE NO PUBLIC OFFERING OF THE SECURITIES IN THE UNITED
STATES.
THIS ANNOUNCEMENT IS DIRECTED AT AND IS ONLY BEING DISTRIBUTED IN THE UNITED
KINGDOM TO (I) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING
TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND
MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE "ORDER"), (II) HIGH
NET WORTH ENTITIES, AND OTHER PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE
COMMUNICATED FALLING WITHIN ARTICLE 49 OF THE ORDER, AND (III) PERSONS TO
WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER
BEING REFERRED TO AS "RELEVANT PERSONS"). THIS COMMUNICATION MUST NOT BE
READ, ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY
INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS
AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT
PERSONS.
IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA ("EEA"), THIS ANNOUNCEMENT
AND ANY OFFER IF MADE SUBSEQUENTLY IS DIRECTED ONLY AT PERSONS WHO ARE
"QUALIFIED INVESTORS" WITHIN THE MEANING OF ARTICLE 2(1)(E) OF DIRECTIVE
2003/71/EC, AS AMENDED (THE "PROSPECTUS DIRECTIVE") ("QUALIFIED INVESTORS").
ANY PERSON IN THE EEA WHO ACQUIRES THE SECURITIES IN ANY OFFER (AN
"INVESTOR") OR TO WHOM ANY OFFER OF THE SECURITIES IS MADE WILL BE DEEMED TO
HAVE REPRESENTED AND AGREED THAT IT IS A QUALIFIED INVESTOR. ANY INVESTOR
WILL ALSO BE DEEMED TO HAVE REPRESENTED AND AGREED THAT ANY SECURITIES
ACQUIRED BY IT IN THE OFFER HAVE NOT BEEN ACQUIRED ON BEHALF OF PERSONS IN
THE EEA OTHER THAN QUALIFIED INVESTORS, NOR HAVE THE SECURITIES BEEN
ACQUIRED WITH A VIEW TO THEIR OFFER OR RESALE IN THE EEA TO PERSONS WHERE
THIS WOULD RESULT IN A REQUIREMENT FOR PUBLICATION BY THE COMPANY OR ANY OF
THE MANAGERS OF A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE PROSPECTUS
DIRECTIVE.
THIS ANNOUNCEMENT MAY CONTAIN PROJECTIONS OR ESTIMATES RELATING TO PLANS AND
OBJECTIVES RELATING TO OUR FUTURE OPERATIONS, PRODUCTS, OR SERVICES, FUTURE
FINANCIAL RESULTS, OR ASSUMPTIONS UNDERLYING OR RELATING TO ANY SUCH
STATEMENTS, EACH OF WHICH CONSTITUTES A FORWARD-LOOKING STATEMENT SUBJECT TO
RISKS AND UNCERTAINTIES, MANY OF WHICH ARE BEYOND THE CONTROL OF GRAND CITY
PROPERTIES S.A. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A
NUMBER OF FACTORS.
---------------------------------------------------------------------------
17.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: Grand City Properties S.A.
1, Avenue du Bois
1251 Luxembourg
Luxemburg
Phone: +352 28 77 87 86
Fax: +352 28 77 87 84
E-mail: [email protected]
Internet: grandcityproperties.com
ISIN: LU0775917882, XS1130507053, XS1191320297, XS1220083551,
XS1491364953, XS1373990834, XS1654229373, XS1811181566,
XS1706939904, XS1763144604, XS1781401085, CH0401956872
WKN: A1JXCV , A1ZRRK, A1ZW4K, A1ZZ49, A186BF, A18YJ1, A19ZQE,
A19MBW, A1V4P0, A19WVU, A19WU2
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange; Dublin, Luxembourg
Stock Exchange, SIX
End of News DGAP News Service
---------------------------------------------------------------------------
715107 17.08.2018
|
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
Grand City Properties S.A. ISIN: LU0775917882 können Sie bei EQS abrufen
Immobilien (Wohn) , A1JXCV , GYC , XETR:GYC