Grand City Properties S.A. / 3rd Quarter Results Grand City Properties S.A.: SUCCESSFUL RESULTS FOR 1-9/2015, A PERIOD OF SOLIDIFYING FUNDAMENTALS AND GROWTH 18-Nov-2015 / 06:32 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group AG. The issuer is solely responsible for the content of this announcement.
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THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, 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. SUCCESSFUL RESULTS FOR 1-9/2015, A PERIOD OF SOLIDIFYING FUNDAMENTALS AND GROWTH - Rental and operating income increased to EUR235 million, up 55% YOY - EBITDA at EUR354 million, up 62% YOY - Adjusted EBITDA increased to EUR122 million, up 54% YOY - FFO I rose to EUR88 million, up 65% YOY - FFO I per share after Hybrid Notes attribution at EUR0.64, up 39% YOY - FFO II at EUR119 million, up 114% YOY - Net profit at EUR286 million, up 65% YOY; EPS at EUR2.07 +68% YOY - Equity grew to EUR2.05 billion, up 97% YTD; Equity ratio up to 44% from 40% year-end 2014 - EPRA NAV climbed to EUR1.94 billion, up from EUR1.44 billion year-end 2014 - LTV down to 41%, compared to 45% year-end 2014 - LTV assuming conversion of the convertible bond is at 37% - Strong financial structure resulting in ICR of 6.5 and DSCR of 4.6 - Cash and liquid assets at EUR609 million, supported by an aggregate of approx. EUR1.2 billion issued in the first 9 months of 2015, in several bond, equity and perpetual hybrid notes issuances - The convertible bond: 54% was converted resulting in EUR125 million balance (share price is 90% premium to the conversion price) - Like-for-like occupancy growth at 2.5% p.a., l-f-l in-place rent growth at 2.5% p.a. Luxembourg, November 18, 2015 - Grand City Properties S.A. (the 'Company', 'GCP') announces successful results for the third quarter of 2015. While the Company continued its strong acquisition and portfolio growth, GCP maintained value creation and strong operational performance. Portfolio growth through numerous accretive deals and materialized value creation Through numerous accretive deals GCP increased its portfolio from 43,000 units at year-end 2014 to 71,000 units as of October 2015. The value of the Company's investment property rose to EUR3.6 billion, both as a result of the Company's growth, and of the value creation of the existing portfolio. The newly acquired properties make a large contribution to the diversification and quality of the portfolio while maintaining high upside potential in terms of rent, occupancy and efficiency improvements. The October 2015 portfolio generates on an annualized run rate basis, excluding any operational improvements or acquisitions, EUR380 million rental and operating income and an FFO I of EUR138m. Maintaining outstanding operational performance on a larger scale Successful operational turnaround of existing properties and lucrative integration of new acquisitions, supported by cost structure optimization are reflected in an adjusted EBITDA of EUR122 million, a 54% adjusted EBITDA year-over-year growth. FFO I further increased by 65% to EUR88 million, supported by lower financial cost and high amount of unencumbered assets. Robust net asset value supported by high profitability and fruitful capital market activity With a net profit of EUR286 million in the first 9 months of 2015, together with successful capital market activities, the equity has exceeded the EUR2 billion mark. As a result, the EPRA NAV climbed to EUR1.94 billion and the EPRA NAV including the hybrid notes is up to EUR2.43 billion. Over the first 9 months of 2015, the Company raised EUR1.2 billion through several bond, equity and perpetual hybrid notes issuances. As investors' interest remained strong, GCP was able to continue the conversion of its acquisition pipeline and to build a substantial cash pool, with EUR609 million cash and liquid assets as of September 2015. Christian Windfuhr, CEO of Grand City Properties, comments: 'We have exceeded in the first 9 months of 2015 our internal targets. With abundant firepower and a strong operational platform, we enter into the final quarter of the year from a good standing point and with the expectation for a successful year.' The full Q3 2015 interim report is available on the Company's website: http://grandcityproperties.com/en/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 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 (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 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. 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) 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.
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18-Nov-2015 The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap.de/ukreg
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Language: English Company: Grand City Properties S.A. 24, Avenue Victor Hugo 1750 Luxembourg Grand Duchy of Luxembourg Phone: +352 28 77 87 86 Fax: +352 28 77 87 84 Internet: http://grandcityproperties.com ISIN: LU0775917882, XS1036325527, XS1130507053, XS1191320297, XS1199992196, XS1220083551, WKN: A1JXCV , A1ZD10, A1ZRRK, A1ZW4K, A1ZYA8, A1ZZ49 Listed: Regulated Unofficial Market in Berlin, Stuttgart; Open Market (Entry Standard) in Frankfurt Category Code: QRT TIDM: - Sequence Number: 2916 Time of Receipt: 18-Nov-2015 / 06:00 CET/CEST End of Announcement EQS News Service
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414191 18-Nov-2015
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THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, 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. SUCCESSFUL RESULTS FOR 1-9/2015, A PERIOD OF SOLIDIFYING FUNDAMENTALS AND GROWTH - Rental and operating income increased to EUR235 million, up 55% YOY - EBITDA at EUR354 million, up 62% YOY - Adjusted EBITDA increased to EUR122 million, up 54% YOY - FFO I rose to EUR88 million, up 65% YOY - FFO I per share after Hybrid Notes attribution at EUR0.64, up 39% YOY - FFO II at EUR119 million, up 114% YOY - Net profit at EUR286 million, up 65% YOY; EPS at EUR2.07 +68% YOY - Equity grew to EUR2.05 billion, up 97% YTD; Equity ratio up to 44% from 40% year-end 2014 - EPRA NAV climbed to EUR1.94 billion, up from EUR1.44 billion year-end 2014 - LTV down to 41%, compared to 45% year-end 2014 - LTV assuming conversion of the convertible bond is at 37% - Strong financial structure resulting in ICR of 6.5 and DSCR of 4.6 - Cash and liquid assets at EUR609 million, supported by an aggregate of approx. EUR1.2 billion issued in the first 9 months of 2015, in several bond, equity and perpetual hybrid notes issuances - The convertible bond: 54% was converted resulting in EUR125 million balance (share price is 90% premium to the conversion price) - Like-for-like occupancy growth at 2.5% p.a., l-f-l in-place rent growth at 2.5% p.a. Luxembourg, November 18, 2015 - Grand City Properties S.A. (the 'Company', 'GCP') announces successful results for the third quarter of 2015. While the Company continued its strong acquisition and portfolio growth, GCP maintained value creation and strong operational performance. Portfolio growth through numerous accretive deals and materialized value creation Through numerous accretive deals GCP increased its portfolio from 43,000 units at year-end 2014 to 71,000 units as of October 2015. The value of the Company's investment property rose to EUR3.6 billion, both as a result of the Company's growth, and of the value creation of the existing portfolio. The newly acquired properties make a large contribution to the diversification and quality of the portfolio while maintaining high upside potential in terms of rent, occupancy and efficiency improvements. The October 2015 portfolio generates on an annualized run rate basis, excluding any operational improvements or acquisitions, EUR380 million rental and operating income and an FFO I of EUR138m. Maintaining outstanding operational performance on a larger scale Successful operational turnaround of existing properties and lucrative integration of new acquisitions, supported by cost structure optimization are reflected in an adjusted EBITDA of EUR122 million, a 54% adjusted EBITDA year-over-year growth. FFO I further increased by 65% to EUR88 million, supported by lower financial cost and high amount of unencumbered assets. Robust net asset value supported by high profitability and fruitful capital market activity With a net profit of EUR286 million in the first 9 months of 2015, together with successful capital market activities, the equity has exceeded the EUR2 billion mark. As a result, the EPRA NAV climbed to EUR1.94 billion and the EPRA NAV including the hybrid notes is up to EUR2.43 billion. Over the first 9 months of 2015, the Company raised EUR1.2 billion through several bond, equity and perpetual hybrid notes issuances. As investors' interest remained strong, GCP was able to continue the conversion of its acquisition pipeline and to build a substantial cash pool, with EUR609 million cash and liquid assets as of September 2015. Christian Windfuhr, CEO of Grand City Properties, comments: 'We have exceeded in the first 9 months of 2015 our internal targets. With abundant firepower and a strong operational platform, we enter into the final quarter of the year from a good standing point and with the expectation for a successful year.' The full Q3 2015 interim report is available on the Company's website: http://grandcityproperties.com/en/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 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 (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 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. 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) 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.
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18-Nov-2015 The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap.de/ukreg
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Language: English Company: Grand City Properties S.A. 24, Avenue Victor Hugo 1750 Luxembourg Grand Duchy of Luxembourg Phone: +352 28 77 87 86 Fax: +352 28 77 87 84 Internet: http://grandcityproperties.com ISIN: LU0775917882, XS1036325527, XS1130507053, XS1191320297, XS1199992196, XS1220083551, WKN: A1JXCV , A1ZD10, A1ZRRK, A1ZW4K, A1ZYA8, A1ZZ49 Listed: Regulated Unofficial Market in Berlin, Stuttgart; Open Market (Entry Standard) in Frankfurt Category Code: QRT TIDM: - Sequence Number: 2916 Time of Receipt: 18-Nov-2015 / 06:00 CET/CEST End of Announcement EQS News Service
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414191 18-Nov-2015
