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OFFON

GRAND CITY PROPERTIES S.A.

(GYC)
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Grand City Properties S.A. announces Q1 2021 results

05/18/2021 | 12:52am EDT
Grand City Properties S.A. (IRSH) 
Grand City Properties S.A. announces Q1 2021 results 
18-May-2021 / 06:51 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
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. STARTS 2021 IN LINE WITH GUIDANCE, SUPPORTED BY SOUND OPERATIONS AND ENHANCED PORTFOLIO 
QUALITY 
- EUR270 million share buyback program, of which EUR89 million completed in Q1 2021, supports accretive growth on a per 
share basis. 
- Net rental income for Q1 2021 at EUR90.6 million as compared to EUR94.5 million in Q1 2020, lower due to disposals at 
gains over book value. 
- Adjusted EBITDA of EUR73 million for Q1 2021, as compared to EUR74 million for Q1 2020. 
- FFO I at EUR47 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 EUR0.27, against EUR0.28 for the corresponding period in 2020. FFO I yield of 4.9% (based 
on a share price of EUR22). 
- Disposals of EUR220 million at a significant gain of 16% over net book values. 
- Profit for the period amounted to EUR51 million, basic EPS of EUR0.20 and diluted EPS of EUR0.19. 
- EPRA NTA as of March 2021 amounted to EUR4.5 billion and EUR27.0 per share, as compared to EUR4.6 billion and EUR26.5 per 
share as of year-end 2020. 
- Strong equity base maintained with total equity amounting to EUR5.4 billion, reflecting an equity ratio of 50%. 
- Conservative nature of the credit profile retained with a low LTV of 33%, larger level of unencumbered investment 
properties amounting to EUR7.6 billion (92% of total portfolio value), complemented with a robust capacity for profit 
generation reflected in the ICR of 6.2x. Cost of debt reduced to 1% coupled with 7-year average debt maturity. 
- Robust organic growth sustained with net rental income increasing by 1.8% on a like-for-like basis, with 1.1% 
increase attributable to in-place rent increases and 0.7% as a result of occupancy increases. 
- FY 2021 guidance confirmed. 
Luxembourg, May 18, 2021 - Grand City Properties S.A. ("GCP" or the "Company") reported results for the first quarter 
of 2021, with net rental income marginally decreasing to EUR91 million as a result of disposals of non-core assets. This 
decrease was partially offset by the like-for-like net rental income increase of 1.8%. During the first quarter of 
2021, GCP posted an adjusted EBITDA of EUR73 million, marginally lower as compared to Q1 2020. FFO I of EUR47 million, 
remaining stable as compared to the same period in 2020. 
GCP completed disposals amounting to EUR220 million during the first quarter of 2021, generating a high profit margin of 
35% over total costs (including capex). These disposals comprised mainly of assets held-for-sale and other non-core 
assets, located in Eastern Germany and secondary cities, and were carried at a multiple of 17x. The Company also 
repurchased shares amounting to EUR89 million, at a discount to NAV, which will support increasing shareholder value in 
the following periods. Additionally, GCP also acquired quality assets amounting to EUR100 million, predominantly located 
in London, at a multiple of 18x. 
The Company implemented several debt optimisation measures during the first quarter of 2021 with the issuance of its 
largest ever straight bond of EUR1 billion, at a record low coupon of 0.125%, while also prepaying debt of over EUR750 
million. As a result of these measures, GCP's average cost of debt at the end of March 2021 decreased to 1%, from 1.3% 
as of December 2020. The Company continues to maintain a long average debt maturity period of 7 years. Furthermore, the 
robust capacity for profit generation resulted in a strong ICR of 6.2x. 
Refael Zamir, CEO of Grand City Properties: "We begin the year with a solid financial and business platform, 
positioning us well to deliver on our goals for the year and to create further growth in the years to come." 
Financial statements for Q1 2021 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 26 - 29 of the 
financial statements for Q1 2021, which you can find on the website under investor relations > publications > financial 
reports or follow this link: 
https://www.grandcityproperties.com/fileadmin/user_upload/03_investor_relations/Downloads/2021/GCP_Q1_2021.pdf 
About the Company 
The Company is a specialist in residential real estate, value-add opportunities in densely populated areas primarily in 
Germany. 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 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 THE COMPANY. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A NUMBER OF FACTORS. 
=---------------------------------------------------------------------------------------------------------------------- 
ISIN:          LU0775917882, XS1130507053, XS1191320297, XS1220083551, XS1491364953, XS1373990834, XS1654229373, 
               XS1811181566, XS1706939904, XS1763144604, XS1781401085, CH0401956872 
Category Code: QRF 
TIDM:          IRSH 
LEI Code:      5299002QLUYKK2WBMB18 
Sequence No.:  105601 
EQS News ID:   1197529 
 
End of Announcement  EQS News Service 
=------------------------------------------------------------------------------------
 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1197529&application_name=news 
 

(END) Dow Jones Newswires

May 18, 2021 00:51 ET (04:51 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.21% 34869.37 Delayed Quote.13.69%
DOW JONES AFRICA TITANS 50 INDEX 0.24% 513.75 Delayed Quote.-3.27%
DOW JONES SOUTH AFRICA(ZAR) -0.01% 1861.26 Delayed Quote.6.01%
GRAND CITY PROPERTIES S.A. 0.81% 22.5 Delayed Quote.7.35%
HF COMPANY -1.40% 7.06 Real-time Quote.31.23%
QRF 0.90% 11.25 Real-time Quote.-0.88%
S&P AFRICA 40 INDEX 0.07% 165.77 Delayed Quote.-4.24%
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Analyst Recommendations on GRAND CITY PROPERTIES S.A.
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Financials
Sales 2021 532 M 622 M 622 M
Net income 2021 339 M 396 M 396 M
Net Debt 2021 3 177 M 3 715 M 3 715 M
P/E ratio 2021 10,4x
Yield 2021 3,73%
Capitalization 3 754 M 4 393 M 4 389 M
EV / Sales 2021 13,0x
EV / Sales 2022 13,1x
Nbr of Employees 882
Free-Float 56,9%
Chart GRAND CITY PROPERTIES S.A.
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Grand City Properties S.A. Technical Analysis Chart | GYC | LU0775917882 | MarketScreener
Technical analysis trends GRAND CITY PROPERTIES S.A.
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 22,50 €
Average target price 25,54 €
Spread / Average Target 13,5%
EPS Revisions
Managers and Directors
Refael Zamir Chief Executive & Financial Officer
Christian Windfuhr Chairman
Simone Runge-Brandner Independent Director
Daniel Malkin Independent Director
Katrin Petersen Head-Communications
Sector and Competitors