Brief: Grand City Says Q1 Net Rental Income down 4%

Grand City Properties SA

18/05/2021 05:55

May 18 (Reuters) - Grand City Properties SA  GYC.DE :
    * DGAP-NEWS: GRAND CITY PROPERTIES S.A. ANNOUNCES Q1 2021
RESULTS
    * Q1 ADJUSTED EBITDA 73 MILLION EUR
    * Q1 DILUTED EPS 0.19 EUR
    * Q1 EPS 0.20 EUR
    * DGAP-NEWS: GRAND CITY PROPERTIES S.A. ANNOUNCES Q1 2021
RESULTS
    * EUR 270 MILLION SHARE BUYBACK PROGRAM, OF WHICH EUR 89
MILLION
COMPLETED IN Q1 2021, SUPPORTS ACCRETIVE GROWTH ON A PER SHARE
BASIS.
    * NET RENTAL INCOME FOR Q1 2021 AT EUR 90.6 MILLION AS
COMPARED TO
EUR 94.5 MILLION IN Q1 2020, LOWER DUE TO DISPOSALS AT GAINS
OVER BOOK VALUE.
    * ADJUSTED EBITDA OF EUR 73 MILLION FOR Q1 2021, AS COMPARED
TO
EUR 74 MILLION FOR Q1 2020.
    * FFO I AT EUR 47 MILLION FOR Q1 2021, STABLE IN COMPARISON
TO Q1
2020, AS A RESULT OF STRONG OPERATIONAL EFFICIENCIES.
    * FFO I PER SHARE FOR Q1 2021 WAS EUR 0.27, AGAINST EUR 0.28
FOR
CORRESPONDING PERIOD IN 2020. FFO I YIELD OF 4.9% (BASED ON A
SHARE PRICE OF EUR 22).
    * DISPOSALS OF EUR 220 MILLION AT A SIGNIFICANT GAIN OF 16%
OVER
NET BOOK VALUES.
    * PROFIT FOR PERIOD AMOUNTED TO EUR 51 MILLION, BASIC EPS OF
EUR
0.20 AND DILUTED EPS OF EUR 0.19.
    * EPRA NTA AS OF MARCH 2021 AMOUNTED TO EUR 4.5 BILLION AND
EUR
27.0 PER SHARE, AS COMPARED TO EUR 4.6 BILLION AND EUR 26.5 PER
SHARE AS OF YEAR-END 2020.
    * STRONG EQUITY BASE MAINTAINED WITH TOTAL EQUITY AMOUNTING
TO EUR
5.4 BILLION, REFLECTING AN EQUITY RATIO OF 50%.
    * FY 2021 GUIDANCE CONFIRMED.
    * ORGANIC GROWTH SUSTAINED WITH NET RENTAL INCOME INCREASING
BY
1.8% ON A LIKE-FOR-LIKE BASIS

Source text for Eikon:  ID:nEQ4JCyL5a 
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