MEXICO CITY, MX / ACCESSWIRE / July 28, 2021 / GRUPO GICSA, S.A.B. de C.V. ('GICSA' or 'the Company') (BMV:GICSA), a Mexican leading company specialized in the development, investment, commercialization and operation of shopping malls, corporate offices and mixed use properties, announced today its results for the second quarter ('2Q21') and for the sixth months ('6M21') period ended June 30, 2021.
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. Therefore, figures in this report may be subject to adjustments in the future.
- On July 22, GICSA announced the initiation of a process to develop, analyze and evaluate comprehensive strategic alternatives to address the Company's capital structure, including its indebtedness, liquidity, and upcoming interest payments, in order to create long-term value and to position GICSA for improved financial performance. To this end, the Company hired Lazard as a financial advisor and Bufete Robles Miaja, SC and Cleary Gottlieb Steen & Hamilton as legal counsel.
- In May, GICSA successfully refinanced the debt of Paseo Arcos Bosques, with a maturity of 5 years extended to 2026, an outstanding balance of Usd. 150 million, and a Libor rate of 1M + 335 bps.
- During 2Q21, GICSA signed 58 agreements under the tenant Covid-19 support program for approximately Ps.78 million in credit notes.
- In accordance with IFRS 16, in 2Q21, Ps. 69 million were recognized in the income statement. The remaining balance is maintained in the financial position statement and will be gradually amortized according with the remaining term of each contract.
- With these agreements the Company was able to recover 81% of collections in 2Q21, 20% higher than in 1Q21. The recovery rate for offices was 91%, while in shopping centers was 77%.
- Due to an increase in cases as a result of the new variant of Covid-19 and the reinstatement of health restrictions by governmental authorities in some of GICSA's properties locations, there is the possibility of additional discounts and rental support for customers in the near future.
- GICSA reported a total of 965,534 square meters of Gross Leasable Area (GLA) comprised of 17 properties in operation at the close of 2Q21. Proportional GLA was 86%, equivalent to 826,343 square meters. This represented an increase of 6% in total GLA and 7% in proportional GLA, compared to 2Q20.
- During 2Q21, GICSA opened 55 new doors (12,088 square meters) in relation to the portfolio in operation, an increase of 67% compared to 1Q21.
- During 2Q21, GICSA signed 70 new doors (13,785 square meters) in relation to the portfolio, an increase of 52% compared to 1Q21.
- At the close of 2Q21, the occupancy rate of the stabilized portfolio was 87%, and 85% of the total portfolio.
- At the close of 2Q21, the renewal rate of the stabilized portfolio was 99%.
- At the close of 2Q21, the average rent per square meter of the stabilized portfolio was Ps. 375 and Ps. 374 in the total portfolio, a decrease of 3%, compared to 2Q20.
- At the close of 2Q21, lease spread of shopping malls within the stabilized portfolio was 4%.
- At the close of 2Q21, the number of visitors to properties within the commercial portfolio reached 13 million, an increase of 31% compared to 1Q21.
- Fixed rental revenues in 2Q21, after the proportional recognition of the Covid-19 support program, was Ps. 651 million, a decrease of 9% compared to 2Q20.
- Total revenue in 2Q21, after the proportional recognition of the Covid-19 support program, was Ps. 908 million, a decrease of 4% compared to 2Q20.
- Consolidated and proportional NOI in 2Q21 were Ps. 743 million and Ps. 619 million, decreases of 6% and 7%, respectively, compared to 2Q20.
- Consolidated and proportional EBITDA in 2Q21 were Ps. 681 million and Ps. 557 million, decreases of 7% and 8%, respectively, compared to 2Q20.
- Consolidated and proportional debt at the close of 2Q21 were Ps. 27,735 million and Ps. 25,224 million, respectively, decreases of 7%, compared to consolidated debt in 2Q20. Consolidated LTV was 37%.
For a full version of GICSA's Second Quarter 2021 Earnings Release, please visit:
GICSA cordially invites you to its Second Quarter 2021 Conference call
Thursday, July 29, 2021
12:00 PM Eastern time
11:00 AM Mexico City Time
Presenting for GICSA:
Diódoro Batalla - Chief Financial Officer
To access the call, please dial:
1 (800) 895 3361 U.S. participants
1 (785) 424 1062 International participants
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 June 30, 2021, the Company owned 17 income-generating properties, consisting of eleven shopping malls, five mixed use projects (which include four shopping malls, four corporate offices and one hotel), and one corporate office building, representing a total Gross Leasable Area (GLA) of 965,534 square meters, and a Proportional GLA of 826,343 square meters. Since June 2015, GICSA is listed on the Mexican Stock Exchange under the ticker (BMV: GICSA B).
SOURCE: GRUPO GICSA, S.A.B. DE C.V.
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