Leipzig
FINANCIAL RESULTS
PRESENTATION
Q2 2022
August 2022
FINANCIAL HIGHLIGHTS | PORTFOLIO HIGHLIGHTS |
Net rental income
€195million
+6%
Adjusted EBITDA
€152million
+3%
-
based a share price of €13.9 per share
2
FFO I
€97million
+3%
FFO I per share
€0.59
(FFO I yield: 8.5%1)
+5%
GUIDANCE CONFIRMED
SOLID LIKE-FOR-LIKE RENTAL GROWTH
Investment Property
€9.8 billion | +3.0% L-F-L | ||||
+5% | +2.2% L-F-L | TOTAL NET RENT | +0.8% L-F-L | ||
GROWTH | |||||
IN-PLACE RENT GROWTH | JUN 2022 | OCCUPANCY GROWTH | |||
JUN 2022 | JUN 2022 | ||||
EPRA NTA | ROBUST PORTFOLIO FUNDAMENTALS | ||||
€5.2billion |
€30.6 per share | In-place rent | Vacancy | Value/sqm | |||||||||||
+3% per share | (in €/sqm) | (€/sqm) | 2,297 | |||||||||||
dividend adjusted | 8.0 | 8.1 | 8.2 | 2,205 | ||||||||||
7.4 | 6.7% | 2,085 | ||||||||||||
6.8 | 6.2% | 1,858 | ||||||||||||
5.7% | ||||||||||||||
5.1% | 4.7% | 1,543 | ||||||||||||
Dec | Dec | Jun | Dec | Jun | Dec | Dec | Jun | Dec | Jun | Dec | Dec | Jun | Dec | Jun |
2019 | 2020 | 2021 | 2021 | 2022 | 2019 | 2020 | 2021 | 2021 | 2022 | 2019 | 2020 | 2021 | 2021 | 2022 |
HIGHLIGHTS | WELL POSITIONED IN CURRENT ENVIRONMENT |
LONG AVERAGE DEBT MATURITY
6.4 | No debt maturities until Q2 |
years | 2024, 95% of debt is fixed or |
interest hedged | |
JUN 2022 |
STRONG LIQUIDITY POSITION
~€450m | Cash and liquid assets position |
CASH AND LIQUID ASSETS | |
covers debt maturities until Q2 | |
€300m | |
2025 and amounts to 12% of | |
UNDRAWN RCF | total debt |
JUN 2022 |
PROACTIVE DEBT MANAGEMENT
€615m | Redemption and repayment of |
near-term maturing debt, | |
HI 2022 | resulting in clean maturity |
schedule |
UNENCUMBERED ASSETS
€9bn | Large pool of high-quality |
91% of value | unencumbered assets provides |
excellent access to attractive | |
JUN 2022 | bank financing |
STRONG FINANCIAL PROFILE MAINTAINED
LOW COST OF | ICR | |||
6.6x | LOW LEVERAGE | CREDIT RATING | EQUITY RATIO | |
DEBT | (LOAN-TO-VALUE) | BBB+ | ||
1.1% | H1 2022 | 35% | 53% | |
6.5x | STABLE | |||
JUN 2022 | JUN 2022 | By S&P | ||
H1 2021 |
3
OPERATIONAL PROFITABILITY
Selected consolidated statement of profit or loss | H1 2022 | H1 2021 | |
in € '000 unless otherwise indicated | |||
259,448 | |||
Revenue | 272,092 | ||
Net rental income | 194,586 | 183,131 | |
179,662 | |||
Property revaluations and capital gains | 234,412 | ||
Share of profit from investments in equity-accounted investees | - | 3,060 | |
Property operating expenses | (115,430) | (108,358) | |
Administrative and other expenses | (5,656) | (5,408) | |
EBITDA | 385,418 | 328,404 | |
Adjusted EBITDA | 152,264 | 147,410 | |
Depreciation and amortization | (5,148) | (2,606) | |
Finance expenses | (23,006) | (22,702) | |
Other financial results | (64,743) | (89,265) | |
Current tax expenses | (18,530) | (17,629) | |
Deferred tax expenses | (40,099) | (39,118) | |
Profit for the period | 233,892 | 157,084 | |
Earnings per share (basic) in € | 1.21 | 0.72 | |
Earnings per share (diluted) in € | 1.17 | 0.68 |
4
NET RENTAL INCOME | ADJUSTED EBITDA |
(in € millions) | (in € millions) |
195 | |||
183 | 152 | ||
147 | |||
H1 2021 | H1 2022 | H1 2021 | H1 2022 |
+3.0% L-F-L | ||
TOTAL NET RENT | ||
+2.2% L-F-L | GROWTH | +0.8% L-F-L |
JUN 2022 | ||
IN-PLACE RENT GROWTH | OCCUPANCY GROWTH | |
JUN 2022 | JUN 2022 |
FFO I + II
in € '000 unless otherwise indicated | H1 2022 | H1 2021 |
Adjusted EBITDA | 152,264 | 147,410 |
Finance expenses | (23,006) | (22,702) |
Current tax expenses | (18,530) | (17,629) |
Contribution from / (to) joint ventures and minorities, Net | (1,299) | (282) |
Adjustment for perpetual notes attribution | (12,274) | (12,565) |
FFO I | 97,155 | 94,232 |
FFO I per share (in €) | 0.56 | |
0.59 | ||
FFO I yield1 | 8.5% | |
94,232 | ||
FFO I | 97,155 | |
Result from disposal of properties | 7,318 | 71,434 |
FFO II | 104,473 | 165,666 |
1 based on FFO I per share annualised and a share price of €13.9 2 based on a pay-out policy of 75% of FFO I per share
FFO I growth has been driven by the impact of net acquisitions in 2021 and solid like-for-like rental growth. This has been further supported by the optimization of the financial profile in 2021 and the repayment of over €615 million of debt in the first half of 2022, offset by slightly higher leasehold expenses.
The FFO I per share increase has been additionally supported by full
impact of the share buybacks in 2021.
FFO I | FFO I per share | ||
(in € millions) | FFO I | (in €) | |
yield1 | |||
8.5% | |||
94 | 97 | 0.59 | |
0.56 | |||
Dividend | |||
yield12 | |||
6.4% | |||
H1 2021 | H1 2022 | H1 2021 | H1 2022 |
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Disclaimer
Grand City Properties SA published this content on 14 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 September 2022 07:29:05 UTC.