Grand City Properties S A : Q1 2021 Interim Consolidated Financial Statements

BERLIN

CONDENSED INTERIM

CONSOLIDATED FINANCIAL STATEMENTS

For the three month period ended 31 March

2021

COLOGNE

GRAND CITY PROPERTIES S.A. + Board of Directors' Report	1

CONTENTS

Board of Directors' report	2
Condensed interim consolidated financial statements
Condensed interim consolidated statement of profit or loss	32
Condensed interim consolidated statement of comprehensive income	33
Condensed interim consolidated statement of financial position	34
Condensed interim consolidated statement of changes in equity	36
Condensed interim consolidated statement of cash flows	37
Condensed notes to the interim consolidated financial statements	39

IMPRINT

Publisher: Grand City Properties S.A. | 1, Avenue du Bois | L-1251 Luxembourg

Phone: [phone] | e-mail: [e-mail] | www.grandcityproperties.com

2GRAND CITY PROPERTIES S.A. + Board of Directors' Report

KEY FINANCIALS

BALANCE SHEET HIGHLIGHTS

in €'000 unless otherwise indicated		Mar 2021	Dec 2020		Dec 2019
Total Assets	10,962,717		10,865,780	9,851,428
Investment Property	8,144,858		8,022,351 1	7,971,744 1
Total Equity	5,433,846		5,554,928	4,966,599
	1,666,966
Cash and liquid assets 2		1,692,331	1,063,320
Loan-to-Value	33%		31%	33%
Equity Ratio	50%		51%	50%
1 including inventories - trading properties
2 including cash and cash equivalents held-for-sale
P&L HIGHLIGHTS
in €'000 unless otherwise indicated		Q1 2021	Change		Q1 2020
Revenue 1	128,323		-5%	135,331
	90,578
Net Rental Income 1		-4%	94,510
Adjusted EBITDA	72,632		-2%	73,978
	46,803
FFO I 2		0%	46,995
	0.27
FFO I per share (in €) 2		-4%	0.28
	104,022
FFO II 3		-23%	135,907
EBITDA	146,035		1%	144,257
Profit for the period	51,223		-8%	55,663
EPS (basic) (in €)	0.20		-17%	0.24
EPS (diluted) (in €)	0.19		-17%	0.23

1. Revenue and net rental income decreased due to disposals during the past twelve months. On a like-for-like basis, net rental income increased by 1.8% as compared to March 2020.
2. Previously defined as FFO I/FFO I per share after perpetual notes attribution
3. Reclassified to be based on FFO I after perpetual notes attribution

NAV HIGHLIGHTS

in €'000 unless otherwise indicated			EPRA NRV		EPRA NTA		EPRA NDV
Mar 2021			4,723,362		4,538,693		3,484,589
Mar 2021 per share (in €)			28.1		27.0		20.8
Per share growth			+1%		+2%		+3%
Dec 2020			4,775,679			4,566,426		3,451,717
Dec 2020 per share (in €)			27.8			26.5		20.1

GRAND CITY PROPERTIES S.A. + Board of Directors' Report	3