Grand City Properties S.A., / Key word(s): 9-month figures
17.11.2014 06:30

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The issuer / publisher is solely responsible for the content of this announcement.

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THIS ANNOUNCEMENT IS NOT FOR DISTRIUBTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Grand City Properties S.A: Interim report for the period January to September 2014 - continued growth and profitability
Performance and highlights for Q3 2014
- FFO I improved to EUR19.3 million, up 32% compared to Q3 2013
- Rental and operating income increased to EUR56.3 million, up 82% on Q3     2013

- Adjusted EBITDA increased to EUR29.4 million, up 52% on Q3 2013
- Grand City maintains a healthy debt structure and leverage with 40% LTV (26% assuming convertibles conversion, convertibles are in the money     since August 2014).

- The Company has 50% unencumbered assets amounting to approx. EUR950     million

Performance and highlights for the first nine months 2014 - FFO I of EUR53 million, up 138% yoy; FFO per share of EUR0.46, up 44%     yoy

- Rental and operating income increased to EUR151 million, up 135% yoy
- EBITDA improved to EUR219 million, up 39% yoy;
- Adjusted EBITDA increased to EUR79 million, up 126% yoy
  - Net profit rose to EUR174 million, up 27% yoy

- EPRA NAV rose to EUR1.34 billion, 56% increase from year end 2013
Luxembourg, November 17, 2014 - Grand City Properties S.A. (the "Company", "GCP") has continued its growth path during Q3 2014. This led to a strong increase in rental and operating income, up 135% yoy to EUR151 million, as well as in funds from operation (FFO I), which rose 138% to EUR53 million in the first nine months of 2014.

The Company's portfolio increased by a further 17,000 units in 2014, reaching 43,000 units in November 2014, reflecting an increase of 65% since December 2013.

The run rate of annualized rental income amounted to over EUR245 million and the FFO I run rate to EUR91 million (EUR0.79 per share) as of November 2014.

Christian Windfuhr, CEO of Grand City Properties, comments: "The success of our clear set strategy and goals is proven again by our today's published results. Favorable market conditions and strong balance sheet allow us to further extend and diversify our portfolio, placing us in a strong position to achieve high returns to our shareholders with a low risk profile."
Please find the full nine month report on the Company's website: http://grandcityproperties.com/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 unique strategy is to improve its properties through targeted modernization and intensive tenant management, and then create value by subsequently raising occupancy and rental levels.

Grand City Properties is a public limited liability company (société anonyme) incorporated under the laws of the Grand Duchy of Luxembourg, registered office 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 Entry Standard (ISIN: LU0775917882). Further information: www.grandcityproperties.com

Investor Contact:
Grand City Properties S.A.
24, Avenue Victor Hugo
L 1750 Luxemburg
T: +352 28 77 87 86
E: [email protected]
www.grandcityproperties.com

Press Contact:
Katrin Petersen
Grand City Properties S.A.
T: +49 (30) 887088-1128
E: [email protected]


17.11.2014 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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