Grand City Properties S.A., / Schlagwort(e): Halbjahresergebnis

18.08.2014 07:32

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Grand City Properties S.A. announces successful half-year results with
strong operational growth and a healthy financial position

– Rental and operating income increased to EUR95 million, up 184% yoy

– Net profit rose to EUR122 million, up 111% yoy

– Earnings per share (EPS) was EUR0.94, up 29% yoy

– FFO I of EUR33.8 million, up 336% yoy; FFO per share of EUR0.29, up
142% yoy

– FFO I only for Q2 2014 of EUR17.4 million, up 197% yoy

– EBITDA improved to EUR143 million, up 107% yoy;

– Adjusted EBITDA increased to EUR49 million, up 218% yoy

– EPRA NAV improved to EUR1 billion, 17% increase from year end 2013

– Company maintained a healthy debt structure and leverage at 46% LTV
(32% assuming convertibles conversion) with a 39% equity ratio (51%
assuming conversion)

– High financial flexibility for upcoming growth targets with cash and
liquid assets of EUR273 million as of June 30, 2014, with over
43% (approx. EUR800 million) of the assets unencumbered

Luxembourg, August 18, 2014 Grand City Properties S.A. (the „Company“,
„GCP“) has continued its impressive growth momentum into the first six
months of 2014 with strong growth in rental income, up 184% at EUR95
million, and FFO per share, up 142% yoy at EUR0.29.

The Company’s portfolio increased by a further 9,000 units in 2014 (5,000
units after Q1), reaching 35,000 units in July 2014, reflecting approx. a
35% increase since December 2013. The run rate of July 2014’s (annualized)
rental income is over EUR205 million and FFO I is over EUR70 million.

The Company’s portfolio growth was financed through placements of equity,
straight and convertible bonds, issued at significantly improved financial
conditions. The Company believes that the improved access to debt capital
and the positive performance of the Company’s shares reflect the growing
trust of investors and shareholders in the current business situation and
outlook for GCP. The Company continues to keep very conservative and
healthy financial ratios, with a high rate of unencumbered assets of 43%.
This strong financial discipline is accompanied with further improvements
in GCP’s business profile: larger asset base of close to EUR2 billion,
diversification in major German cities, and an increase in the proportion
of stabilized portfolio from 33% to 37%.

Christian Windfuhr, CEO of Grand City Properties, comments: „I am pleased
with our accelerated external growth in the second quarter of 2014 which is
a result of our successful sourcing and deal making ability resulting in
highly accretive acquisitions. In addition to this we create significant
value for our shareholders through our unique turnaround process. Notable
organic growth potential exists because a large portion of our portfolio is
still in the early turnaround stage. In addition, the integration of the
real estate management company we acquired in 2014 can already be seen in
the results and synergies are starting to materialize which we expect to
be further realized next year.
Given this we believe we have the potential to increase the FFO
significantly in the coming years without additional external portfolio
growth. Additionally, the current high cash and liquid assets provide us
with fire power for further external portfolio growth if opportunities
present themselves. GCP will continue to keep strong financial discipline
with the strategic aim to reach investment grade rating.“

Please find the full quarterly report on the Company’s website:
http://grandcityproperties.com/downloads.html

About the Company
Grand City Properties is a specialist real estate company focused on
investing in and managing turnaround opportunities in the real estate
property market in Germany, primarily in densely populated areas. The
Company’s unique strategy is to improve its properties through targeted
modernization and intensive tenant management, and then create value by
subsequently raising occupancy and rental levels.
Grand City Properties is a public limited liability company (société
anonyme) incorporated under the laws of the Grand Duchy of Luxembourg,
registered office 24, Avenue Victor Hugo, L-1750 Luxembourg and being
registered with the Luxembourg trade and companies register (Registre de
Commerce et des Sociétés Luxembourg) under number B 165560. Since May 2012,
Grand City Properties is listed on the Frankfurt Stock Exchange Entry
Standard (ISIN: LU0775917882). Further information:
www.grandcityproperties.com

Investor Contact:
Grand City Properties S.A.
24, Avenue Victor Hugo
L 1750 Luxemburg
T: +352 28 77 87 86
E: info@grandcity.lu
www.grandcityproperties.com

Press Contact:
Katrin Petersen
Grand City Properties S.A.
T: +49 (30) 887088-1128
E: katrin.petersen@grandcity.lu

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