, 05/02/2023 / 18:28, EST/EDT – EQS Newswire – GRUPO GICSA, S.A.B. DE C.V.
MEXICO CITY, MEXICO / ACCESSWIRE / May 2, 2023 / GRUPO GICSA, S.A.B. de C.V. (“GICSA” or “the Company”) (BMV:GICSA), a leading Mexican company specializing in the development, investment, commercialization and operation of shopping malls, corporate offices and mixed-use properties, announced today its results for the first quarter (“1Q23”) for the period ended March 31, 2023.
All figures have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are stated in millions of Mexican pesos (Ps.).
GICSA’s financial results presented in this report are unaudited and therefore may be subject to adjustments in the future.
Main Highlights
Corporate
In March 2023, as previously agreed, the Company received a third partial payment from the sale of the Explanada Aguascalientes property. The proceeds were used to prepay local bonds GICSA 15, GICSA 17 and GICSA 19 in accordance with the previously announced agreement with bondholders.
Operational
At the close of 1Q23, GICSA reported a total of 949,766 square meters of Gross Leasable Area (GLA) comprised of 17 properties in operation. Proportional GLA was 85%, equivalent to 810,610 square meters. These amounts represented decreases of 3% in total GLA and 4% in proportional GLA, compared to 1Q22, due to the previously announced sale of the Lomas Altas property.
43 commercial spaces began operations during 1Q23, representing 11,063 square meters within the portfolio in operation, an increase of 163% compared to 1Q22.
73 new leases were signed, representing 20,504 square meters of the total portfolio at the end of 1Q23.
The occupancy rate in the total portfolio was 84%, an increase of 5% compared to 1Q22.
The average rent per square meter within the portfolio in operation was Ps. 374, a decrease of 1%, compared to 1Q22.
During 1Q23, the number of visitors to the shopping malls within the portfolio in operation reached 18 million, an increase of 25% compared to 1Q22 and 9% above the pre-pandemic 1Q19 level.
Financial
Total 1Q23 revenue after the proportional recognition of the tenant Covid-19 support program was Ps. 1,095 million, an increase of 14% compared to 1Q22.
Consolidated and proportional NOI in 1Q23, were Ps. 901 million and Ps. 757 million, increases of 13%, compared to 1Q22.
Consolidated and proportional EBITDA in 1Q23 were Ps. 848 million and Ps. 703 million, increases of 2% and 0.7%, respectively, compared to 1Q22. When excluding the effects of the Cero5Cien residential project, they were Ps. 825 million and Ps. 680 million, increases of 14% and 13%, respectively, compared to 1Q22.
At the close of 1Q23, total consolidated and proportional debt were Ps. 27,835 million and Ps. 25,515 million, both decreasing 3% year over year. Compared to 4Q22, both decreased 2% and 1%, respectively. At the close of 1Q23, consolidated LTV was 37%.
Pipeline
At the close of 1Q23, the occupancy of properties under development and in stabilization (Explanada Culiacán, Masaryk 169 and Grand Outlet Riviera Maya) was 64% at 74,294 square meters.
To date, 62 units of the Cero5Cien residential project have been sold, corresponding to 61% of the Gross Saleable Area (GSA), of which 23 units have been delivered to buyers to initiate the finishing work.
GICSA cordially invites you to its First Quarter Conference Call
Wednesday, May 3, 2023 1:00 PM Eastern time 11:00 AM Mexico City Time
Presenting for GICSA: Isaac Cababie – Co-CEO Diódoro Batalla – Chief Financial Officer
To access the call, please dial: 1 (800) 895 3361 U.S. participants 1 (785) 424 1062 International participants
Passcode: 44272
About the Company
GICSA is a leading company in the development, investment, commercialization and operation of shopping malls, corporate offices and mixed used well known for their high-quality standards, which transform and create new development spaces, lifestyles and employment in Mexico, in accordance to its history and executed projects. As of March 31, 2023, the Company owned 17 income-generating properties, consisting of eleven shopping malls, five mixed use projects (which include five shopping malls, five corporate offices and one hotel), and one corporate office building, representing a total Gross Leasable Area (GLA) 949,766 square meters, and a Proportional GLA of 810,610 square meters. Since June 2015, GICSA is listed on the Mexican Stock Exchange under the ticker (BMV: GICSA B).