Brief: Grand City Properties 9M Net Profit At EUR 273 Mln

Grand City Properties SA

16/11/2022 05:52

Nov 16 (Reuters) - GRAND CITY PROPERTIES SA  GYC.DE :
    * GRAND CITY PROPERTIES S.A. ANNOUNCES 9M 2022 RESULTS
    * NINE MONTHS NET PROFIT 273.0 MILLION EUR
    * NET RENTAL INCOME FOR 9M 2022 AMOUNTED TO EUR 295 MILLION,
INCREASING BY 7% AS COMPARED TO EUR 276 MILLION RECORDED FOR 9M
2021.
    * 9M SOLID LIKE-FOR-LIKE RENTAL GROWTH OF 3.1% WITH 2.3%
FROM
IN-PLACE RENT INCREASES AND 0.8% FROM OCCUPANCY INCREASES,
UNDERLINING PORTFOLIO'S STRONG OPERATIONAL GROWTH.
    * 9M ADJUSTED EBITDA FOR FIRST THREE QUARTERS OF 2022
TOTALLING
EUR 230 MILLION AND INCREASING 4% YOY.
    * 9M FFO I OF EUR 145 MILLION AND EUR 0.87PER SHARE FOR 9M
2022,
INCREASING BY 3% AND 4% RESPECTIVELY, AS COMPARED TO EUR 140
MILLION AND EUR 0.84 FOR 9M 2021. FFO YIELD OF 10.7%, BASED ON A
SHARE PRICE OF EUR 10.8
    * 9M NET PROFIT OF EUR 273 MILLION IN NINE-MONTH PERIOD
ENDING
SEPTEMBER 2022, RESULTING IN A BASIC EPS OF EUR 1.36 AND A
DILUTED EPS OF EUR 1.33
    * 9M FY 2022 GUIDANCE CONFIRMED AND ALL FINANCIAL KPI'S ARE
IN
LINE
    * AS OF SEPTEMBER 2022, GCP'S COST OF DEBT REMAINS LOW AT
1.2%
WITH AN AVERAGE DEBT MATURITY OF 6.2 YEARS
    * GCP'S PORTFOLIO VACANCY AMOUNTED TO 4.4% AT END OF
SEPTEMBER
2022, DECREASING FROM 5.3% AT END OF SEPTEMBER 2021
    * FFO I PER SHARE INCREASED BY 4% TO EUR 0.87 FROM EUR 0.84,
MORE
THAN ON ABSOLUTE LEVEL, MAINLY DUE TO ACCRETIVE SHARE BUYBACK
EXECUTED IN 2021

Source text for Eikon:  ID:nEQ6FLSXna 
Further company coverage:  GYC.DE 
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