CPIPG increases property portfolio value by 8%

“CPIPG had a successful first half of 2020,” said Martin Němeček, CEO. “Our property portfolio, rental income and occupancy grew as our team responded effectively to the challenges of COVID-19.”

Key highlights for the first half of 2020 include:

• Total assets increased to €11 billion. The Group’s results also include a fair value adjustment of -€252 million (-2.8%) because of prudent revaluations of hotels and certain retail properties, plus the impact of a weaker CZK versus EUR.
• Net rental income was €164 million (up 13% versus H1 2019), because of acquisitions, higher occupancy at 94.8%, and 1.7% like-for-like growth in gross rental income. Net business income was €168 million (unchanged from H1 2019).
• Consolidated adjusted EBITDA was €164 million (up 15% versus H1 2019), and funds from operations (FFO) was €115 million (up 12%).
• The Group collected 93% of contracted rent before the impact of one-time COVID-19 discounts, and 97% including discounts.
• Net Loan-to-Value (LTV) at 42.5% and Net ICR at 5.5x remain comfortably within the Group’s financial policy.
• During the first half of 2020, the Group issued €1.19 billion equivalent of senior unsecured bonds in Euros, Sterling and Hong Kong Dollars. In January, CPIPG also issued SGD 150 million of perpetual hybrid bonds. The Group also signed a secured loan of €116 million.
• Proceeds from external financings were used for acquisitions and to repay about €850 million of bonds and schuldschein maturing in 2022, 2023, 2024 and 2025.

“The Group’s capital structure, liquidity and operating performance have been robust throughout the COVID-19 outbreak,” said David Greenbaum, CFO. “During the second half of 2020, CPIPG will continue taking proactive steps to ensure we are well-positioned to meet future opportunities and challenges.”