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Dow Jones News
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Grand City Properties S.A. announces Q1 2018 results with strong start of the year

Dow Jones received a payment from EQS/DGAP to publish this press release.

Grand City Properties S.A. (IRSH) 
Grand City Properties S.A. announces Q1 2018 results with strong start of 
the year 
 
18-May-2018 / 07:01 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
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 Q1 2018 RESULTS WITH 
STRONG START OF THE YEAR* 
 
*- Rental and operating income grew to EUR132 million by 12%, up from EUR118 
million YOY* 
 
*- Adjusted EBITDA of EUR68 million, up 14% YOY from EUR60 million in Q1 
2017* 
 
*- FFO I increased to EUR49 million, reflecting a growth of 18% YOY* 
 
*- FFO I per share increased 11% YOY to EUR0.30 equal to EUR1.20 on an 
annualized level, reflecting a yield of 5.9%. FFO I after perpetual notes 
attribution of EUR0.26, up 13% YOY* 
 
*- Net profit increased 43% YOY to EUR132 million; EPS (basic) grew 39% YOY 
to EUR0.71* 
 
*- EPRA NAV of EUR3.5 billion, increased by 4% from year-end 2017 to EUR21.0 
per share, up from EUR20.2 per share* 
 
*- EPRA NAV incl. perpetual notes of EUR4.1 billion, increased by 3% from 
year-end 2017, reflecting EUR25.0 per share; EUR27.2 per share pro forma 
including April 2018 perpetual notes issuance * 
 
*- Equity of EUR4.0 billion, increased 3% since year-end 2017; equity ratio 
at 48%* 
 
*- Low LTV of 37% reflects conservative capital structure and strong credit 
metrics with high ICR of 5.9x in Q1 2018, long debt duration of 8.3 years 
and high unencumbered ratio of 64% (EUR4.3 billion)* 
 
*- Like-for-like net rents grew by 3% as of March 2018, capturing the strong 
reversionary potential with 2.5% from in-place rents growth and 0.5% from 
occupancy growth* 
 
*- Guidance for 2018 confirmed* 
 
*Luxembourg, May 18, 2018* - Grand City Properties S.A. ('*GCP*' or the 
'*Company*') has made a successful start to the year with a 14% increase in 
FFO I to EUR49 million (EUR0.30 per share), translating into an annualized 
FFO I of EUR198 million (EUR1.20 per share), well on track to reach the FY 
2018 guidance of EUR196 - EUR201 million driven by strong operational 
performance that results in further value creation and EPRA NAV growth. 
 
*Sound dedication to sustainability* 
In April 2018, GCP published its first sustainability report, demonstrating 
the Company's commitment to sustainability by presenting to investors, 
business partners, employees and other stakeholders its activities and 
achievements and to embed the high ESG criteria of the Company. GCP's 
ambitious ESG initiatives and high standards have been recognized by EPRA in 
2017 with the EPRA BPR Gold and Most Improved Company awards, sBPR Gold and 
Most Improved Company awards, 1st place for Outstanding Contribution to 
Society as well as being ranked by Sustainalytics in the 91st percentile and 
as Outperformer among over 300 real estate companies globally. 
 
Christian Windfuhr, CEO of Grand City Properties: 'We are very pleased with 
our strong kick-off for the year 2018. Building on our remarkable 
achievements in previous years, we continue on the right path towards 
unfolding the full potential of our portfolio and confidently meeting our 
2018 guidance.' 
 
The financial statements for Q1 2018 are available on the Company's website: 
grandcityproperties.com/en/downloads.html [1] 
 
*About the Company* 
The Company is a specialist in residential real estate, value-add 
opportunities in densely populated areas 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: info@grandcity.lu 
www.grandcityproperties.com 
 
*Press Contact: * 
Katrin Petersen 
Grand City Properties S.A. 
T: +49 (30) 374-381 5218 
E: katrin.petersen@grandcity.lu 
 
*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. 
 
ISIN:          LU0775917882, XS1130507053, XS1191320297, XS1220083551, 
               XS1491364953, XS1373990834, XS1654229373 
Category Code: MSCL 
TIDM:          IRSH 
LEI Code:      5299002QLUYKK2WBMB18 
Sequence No.:  5559 
EQS News ID:   687485 
 
End of Announcement EQS News Service 
 
 
1: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3433a8e0f277b6286b784825b75d188b&application_id=687485&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

May 18, 2018 01:01 ET (05:01 GMT)

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