EQS-News: Grand City Properties S.A.
/ Key word(s): Quarter Results/Quarterly / Interim Statement
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 Q1 2025 DRIVEN BY OPERATIONAL GROWTH
Luxembourg, May 14, 2025 - Grand City Properties S.A. ("GCP" or the "Company") announces robust operational and financial results for the three-month period ending March 2025. The Company delivered solid performance in Q1 2025, with net rental income increasing by 1% to €106 million, primarily driven by a strong like-for-like rental growth of 3.8%. This growth is driven by continued strong in-place rent increase on a like-for-like basis, indicating sustained positive operational momentum. Rental growth was partially offset by the impact of net disposals carried out between the periods. Adjusted EBITDA rose by 3% to €85 million, compared to €82 million in Q1 2024. The increased operational performance was supported by higher operational efficiency. FFO I increased by 6% to €48 million in Q1 2025, supported by higher adjusted EBITDA and partially offset by slightly higher financing costs. FFO I per share amounted to €0.27, up from €0.26 in the prior-year period. The Company confirms its FFO I guidance for the full year 2025. The Company improved its conservative financial structure with an LTV of 32%, compared to 33% as of December 2024, a strong liquidity position of nearly €1.7 billion supported by disposals of €120 million and repayment of vendor loans, an average cost of debt at 1.9%, and average debt maturity of 4.6 years. In April 2025, Standard & Poor's lowered GCP's credit rating by one notch to BBB with a stable outlook. The decision is in line with the rating action taken on Aroundtown, following S&P's group rating methodology. The credit rating on the Company's senior bonds now stands at BBB, and BB+ for its perpetual notes. GCP's stand-alone credit profile (SACP) remains unchanged at bbb+. The Company continues to maintain significant headroom against all of its financial bond covenants. GCP has decided not to recommend a dividend payment for 2024. The decision follows a period where the Company successfully navigated through the market challenges by strengthening its financial position and reducing leverage. The Company will continue to maintain a conservative and prudent financial approach, keeping financial flexibility and headroom. Refael Zamir, CEO of Grand City Properties: " We are pleased to present strong results for the first quarter of 2025, reflecting continued robust operational performance driven by solid like-for-like rental growth." Financial statements for Q1 2025 are available on the Company's website: https://www.grandcityproperties.com/investor-relations/publications/financial-reports/ For definitions of the alternative performance measures please see the relevant section in the pages 28-32 of the financial statements for Q1 2025, which you can find on the website under investor relations > publications > financial reports or follow this link: https://www.grandcityproperties.com/grandcityproperties.com/Data_Objects/Downloads/Financial_Reports/Q1_2025_Financials/GCP_Q1_2025.pdf About the Company The Company is a specialist in residential real estate, value-add opportunities in densely populated areas primarily in Germany and London. The Company's strategy is to improve its properties by repositioning 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 37, Boulevard Joseph II, L-1840 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: Investor Relations Team: DISCLAIMER: 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 THE COMPANY. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A NUMBER OF FACTORS. 14.05.2025 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group. |
| Language: | English |
| Company: | Grand City Properties S.A. |
| 37, Boulevard Joseph II | |
| L-1840 Luxembourg | |
| Luxemburg | |
| Phone: | +352 28 77 87 86 |
| Fax: | +352 28 77 87 84 |
| E-mail: | info@grandcity.lu |
| Internet: | grandcityproperties.com |
| ISIN: | LU0775917882, LU0775917882 , XS1491364953, XS1811181566, XS2271225281, XS1220083551, XS1654229373, XS1706939904, XS1706939904, XS1763144604, XS1781401085, CH0401956872, XS1827041564, XS1851265527, XS1953786222, XS1964638446, CH0482172415, XS2016885159, XS2033380820, XS2035328223, XS2154325562, XS2282101539, XS2799494633, XS2855975285 |
| WKN: | A1JXCV , A1ZRRK, A1ZW4K, A1ZZ49, A186BF, A18YJ1, A19ZQE, A19MBW, A1V4P0, A19WVU, A19WU2 |
| Indices: | SDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Dublin, Luxembourg Stock Exchange, SIX |
| EQS News ID: | 2136850 |
| End of News | EQS News Service |
2136850 14.05.2025 CET/CEST
