Grand City Properties S A : Q1 2024 Interim Consolidated Financial Statements

Dresden

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

For the three-month period ended 31 March

2024

Berlin

IMPRINT Publisher: Grand City Properties S.A. 37, Boulevard Joseph II | L-1840 Luxembourg

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

Berlin

01

Board of Directors' Report

KEY FINANCIALS

Balance sheet highlights

P&L highlights

in €'000 unless otherwise indicated

Total Assets

Investment Property

Cash and liquid assets

Total Equity

Loan-to-Value

Mar 2024

11,029,688

8,681,159

1,286,707

5,276,603

36%

Change

1%

1%

5%

1%

-1%

Dec 2023

10,918,147

8,629,083

1,230,483

5,230,109

37%

in €'000 unless otherwise indicated

Net Rental Income

Adjusted EBITDA

FFO I

FFO I per share (in €)

EBITDA

Profit (loss) for the period

3M 2024

105,301

81,984

45,249

0.26

81,934

43,729

Change

4%

3%

-4%

-4%

212%

n/a

3M 2023

101,376

79,504

46,955

0.27

26,250

(11,595)

NAV highlights

Basic earnings (loss) per share (in €)

0.17

n/a

(0.09)

GRAND CITY PROPERTIES S.A. I Board of Directors' Report

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in €'000 unless otherwise indicated

Mar 2024

Mar 2024 per share (in €)

Per share development

Dec 2023

Dec 2023 per share (in €)

EPRA NRV

4,654,446

27.0

1%

4,606,481

26.7

EPRA NTA 4,063,054

23.5

1%

4,013,761

23.2

EPRA NDV 3,761,869

21.8

0%

3,745,313

21.7

Diluted earnings (loss) per share (in €)

0.17

n/a

(0.09)

London

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GRAND CITY PROPERTIES S.A. I Board of Directors' Report

HIGHLIGHTS

GRAND CITY PROPERTIES S.A. I Board of Directors' Report

OPERATIONAL PERFORMANCE HIGHLIGHTS

Solid Like-For-Like Rental Growth

+3.3%		+3.4%	+0.1%
		L-F-L		L-F-L	L-F-L
		In-place rent growth		Total net rent growth	Occupancy growth
		Mar 2024		Mar 2024	Mar 2024
				Robust Portfolio Fundamentals
Like-For-Like development	CAGR	In-place rent (in €/sqm)	Vacancy
In place rent growth		Occupancy growth Total net rent growth	3.2%

			3.3%	3.4%								-1.2%
			0.1%
2.8%	2.9%	2.6%	0.2%	8.1	8.2	8.3	8.6	8.7
0.7%
0.6%	0.5%								5.1%
											4.2%	4.2%	3.8%	3.9%
2.2%	2.2%	2.1%	3.1%	3.3%
Dec 2021	Dec 2022	Mar 2023	Dec 2023	Mar 2024	Dec 2021	Dec 2022	Mar 2023	Dec 2023	Mar 2024	Dec 2021	Dec 2022	Mar 2023	Dec 2023	Mar 2024

			Strong Recurring Operational Profitability
Adjusted EBITDA	FFO I (in € millions)	FFO I per share (in €)
76.4	79.5	82.0	48.4	47.0	45.2	0.29	0.27	0.26
		+3%			-4%			-4%
Q1 2022	Q1 2023	Q1 2024	Q1 2022	Q1 2023	Q1 2024	Q1 2022	Q1 2023	Q1 2024

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FINANCIAL PROFILE OPTIMISATION HIGHLIGHTS

Strong Financial Profile Maintained

LOW COST		LTV	UNENCUMBERED ASSETS
OF DEBT		€6.6bn
	36%
1.9%
		75%
MAR 2024		MAR 2024		of value
				MAR 2024
AVERAGE DEBT	ICR		CREDIT RATING S&P	CASH AND LIQUID ASSETS
MATURITY		BBB+	€1.3bn
5.1y	5.8x
	Cash and liquid assets
MAR 2024	Q1 2024		NEGATIVE OUTLOOK	amount to 29% of total debt
	DEC 2023	MAR 2024

Debt Maturity Schedule

	1,400
														Bank Debt	Straight Bonds
	1,200
	1,000
MILLIONS	800	March 2024
Cash and liquid
	assets cover debt
600	maturities until the
EUR
end of 2026
	400
	200
	0
	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	>2038

HIGHLIGHTS

GRAND CITY PROPERTIES S.A. I Board of Directors' Report

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GRAND CITY PROPERTIES S.A. I Board of Directors' Report

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THE COMPANY

Grand City Properties S.A. and its investees (the "Company", "GCP" or the "Group") Board of Directors (the "Board") hereby submits the condensed interim consolidated financial statements as of 31 March 2024.

The figures presented in this Board of Director's Report are based on the condensed interim consolidated financial statements as of 31 March 2024, unless stated otherwise.

GCP is a specialist in residential real estate, investing in value-add opportunities in densely populated areas predominantly in Germany as well as London. The Group's portfolio, excluding assets held-for-sale and properties under development, as of March 2024 consists of 63k units (hereinafter "GCP portfolio" or "the Portfolio") located in densely populated areas with a focus on Berlin, Germany's capital, North Rhine-Westphalia, Germany's most populous federal state, the metropolitan regions of Dresden, Leipzig and Halle and other densely populated areas as well as London.

GCP is focused on assets in densely populated urban locations with robust and sustainable economic and demographic fundamentals, and with multiple value-add drivers that it can pursue using its skills and capabilities such as vacancy reduction, increasing rents to market levels, improving operating cost efficiency, increasing market visibility, identifying potential for high-return capex investments, and spotting potential for significant benefits from the Company's scale. GCP's management has vast experience in the German real estate market with a long track record of success in repositioning properties using its tenant management capabilities, tenant service reputation, and highly professional and specialised employees.

In addition, GCP's economies of scale allow for considerable benefits of a strong bargaining position, a centralised management platform supported by centralised IT/software systems, and a network of professional connections.

This strategy enables the Company to create significant value in its portfolio and
generate stable and increasing cash flows.	Essen