Grand City Properties S A : announces FY 2020 results

Grand City Properties S.A. (IRSH) 
Grand City Properties S.A. announces FY 2020 results 
15-March-2021 / 06:48 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. ANNOUNCES FY 2020 RESULTS DRIVEN BY ROBUST OPERATIONS AND DISPOSALS 
- Net rental income for 2020 amounted to EUR372 million as compared to EUR383 million in 2019, decreasing by 3% due to high 
volume of disposals during the year. 
- Adjusted EBITDA of EUR300 million for 2020, up 1% as compared to 2019, supported by internal growth. 
- FFO I per share before perpetual notes attribution for 2020 at EUR1.27, resulting in a dividend of EUR0.82 per share 
(subject to AGM approval) and an attractive dividend yield of 4%. 
- FFO I for 2020 at EUR182 million, higher by 2% offsetting marginal decline in net rental income, driven by higher 
operational efficiencies. 
- FFO I per share for 2020 remained stable at EUR1.07 as compared to 2019, yielding 5.2% based on a share price of EUR20.7. 
- Beginning from 2021, dividend payout policy is 75% of FFO I per share. 
- Profit for the year of 2020 amounted to EUR449 million, with a basic EPS of EUR2.13 and diluted EPS of EUR2.01. 
- Disposals of approx. EUR970 million in 2020, generating profits over total costs (including capex) of EUR302 million and 
a premium of 6% over net book values. Accordingly, FFO II amounted to EUR484 million in 2020, up 39% from 2019. 
- EPRA NTA at the end of December 2020 amounted to EUR4.6 billion and EUR26.5 per share, increasing by 5% and 2% 
respectively. 
- Solid equity base maintained with total equity amounting to EUR5.6 billion and equity ratio at 51%. 
- Significant optimization of the debt profile resulting in historically low cost of debt of 1% with a long average 
debt maturity of 7 years as of the reporting date. 
- Conservative credit profile further evident in the low LTV at 31%, large level of unencumbered assets at EUR6.7 billion 
(82% of total portfolio value) and an ICR of 5.7x 
- Net rental incomes increasing by 1.8% on a like-for-like basis, with 0.9% attributable to in-place rent increases, 
despite delayed rent increases in solidarity with tenants, and 0.9% pertaining to occupancy increases. 
- Guidance for FY 2020 met and guidance for FY 2021 published. 
Luxembourg, March 15, 2021 - Grand City Properties S.A. ('GCP' or the 'Company') announces results for the financial 
year 2020 with a robust level of operational profitability reflected in the FFO I (previously defined as FFO I after 
perpetual notes attribution) increasing by 2% year-over-year to EUR182 million. The FFO I before perpetual notes 
attribution for 2020 increased to EUR215 million as compared EUR212 million in 2019, comfortably within the guidance range. 
This increase was driven by enhanced business efficiencies and a like-for-like rental growth of 1.8%, partially 
offsetting a decline in net rental income as a result of disposals during the year. Vacancy as of December 2020 is at 
6.2%, a significant improvement from 6.7% in December 2019. 
During the year, GCP disposed assets amounting to approx. EUR970 million, located primarily in secondary cities mainly in 
North-Rhine Westphalia, Saxony-Anhalt, Thüringen and Bavaria. 
Although the coronavirus pandemic presented the Company with new challenges, GCP's adaptability was instrumental in 
ensuring business operations continued uninterrupted. Further, the Company worked towards safeguarding the health and 
well-being of current and prospective tenants along with its employees by digitalizing various business processes and 
enabling systems for employees to work from home. Accordingly, GCP was not meaningfully impacted by the pandemic. 
In 2020, GCP generated a total profit of EUR302 million from disposals during the year reflects a premium of 6% over net 
book values. The Company also completed accretive acquisitions amounting to approx. EUR600 million, primarily located in 
London and Berlin. GCP acquired over 1,400 units at an average multiple of 21x. Additionally, the Company acquired over 
800 units in the pre-letting stage which are expected to be leased in the following periods. As a result of the 
profitable disposal of assets in various secondary cities and the accretive acquisitions during the year, GCP was able 
to further enhance the quality of the investment property portfolio, which as of December 2020 is valued at EUR1,858/sqm 
with a rental yield of 4.5%. 
GCP significantly improved its debt profile through the EUR1 billion bond issuance at a record low coupon of 0.125% in 
January 2021, along with total debt repayments of over EUR1 billion (including after reporting period repayments). As a 
result, the current cost of debt is at a historically low level of 1% while maintaining the long average debt maturity 
of 7 years. 
The annual report for FY 2020 includes for the first time, the new EPRA net asset value metrics based on the revised 
EPRA best practice recommendations and accordingly GCP's EPRA Net Tangible Asset (NTA) value amounts to EUR4.6 billion 
and EUR26.5 per share as of the end of December 2020, as compared to EUR4.4 billion and EUR25.9 at the end of December 2019. 
For further details on the calculation of all EPRA net asset value metrics, please refer to page 64 of the annual 
report for FY 2020. 
In 2020, GCP's commitment to sustainability measures was recognized by Sustainalytics, a leading sustainability rating 
agency. Further, the Company was ranked in the 75^th percentile within the real estate peer group in the Corporate 
Sustainability Assessment (CSA) by S&P Global. 
Refael Zamir, CEO of Grand City Properties: 'Despite the challenges faced in 2020, GCP has emerged undeterred, 
delivering steady operational profitability and shareholder value creation in the year and fuel its liquidity balance 
as a preparation towards future potential opportunities. Looking ahead, we will continue to focus on enhancing the 
quality of our portfolio, thereby benefiting all stakeholders, including our shareholders, tenants along with the 
environment and communities around our portfolio locations. I am grateful for the invaluable efforts of each member of 
the organization and am confident of successfully facing all that the next year has to offer.' 
Financial statements for FY 2020 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 70 - 75 of the 
financial statements for FY 2020, 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/2020/GCP_FY_2020.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: [phone] 
E: [e-mail] 
www.grandcityproperties.com 
Press Contact: 
Katrin Petersen 
Grand City Properties S.A. 
T: [phone] 
E: [e-mail] 
 
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 

(MORE TO FOLLOW) Dow Jones Newswires

March 15, 2021 01:49 ET (05:49 GMT)