Grand City Properties S.A., / Key word(s): Quarter Results/Real Estate
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Grand City Properties S.A. continues its growth path in first quarter 2014 staying highly profitable with a well-balanced debt structure resulting in significant increases in all key metrics.
- Revenue increased to EUR 60.2 million, up 280% yoy
- Rental and operating income increased to EUR 45.7 million (188% yoy).
- Net profit is EUR 70.3 million (EUR 0.53 EPS), up 419 % yoy
- FFO of EUR 16.4 million up 761 % yoy, FFO per share EUR 0.14 up 342% yoy
- EBITDA of EUR 81 million, up 313 % yoy
- Adjusted EBITDA of EUR 23 million, up 260% yoy
- EPRA NAV improved to EUR 941 million, 10 % increase from year end 2013
- LTV with 38.9% below the BOD policy of 50%, reflecting conservative capital structure
- High financial flexibility for upcoming growth plans with cash and liquid assets of EUR 202 million as of March 31, 2014, where over 40% (EUR 650 million) of the assets are unencumbered
- Further strengthening of the advisory board with the appointment of Mr Leininger
Luxembourg, May 19, 2014 Grand City Properties S.A. (the "Company", "GCP") continues strongly into the year 2014 with its successful growth strategy and presents impressive results for the first quarter of 2014 with revenue up 280% and FFO per share up 342%.
Markus Leininger was appointed as a member of the Company's Advisory Board. Formerly Head of Operations at Eurohypo AG and Rheinhyp AG (Commerzbank), he brings strong experience in financing, private equity and real estate.
Please find the full quarterly report on the Company's website: http://grandcityproperties.com/downloads.html
About the Company
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