"In the first quarter of 2019, we achieved very good results again,"  said Martin Nemecek , CEO , adding:  "We are continuing to grow revenues and profitability and our capital structure is extremely strong."

Key figures for the first quarter of 2019 include:

Total assets amounted to EUR 8.7 billion at the end of the period, up EUR 0.5 billion compared to the end of 2018, mainly due to an increase in cash and cash equivalents. Total revenues amounted to EUR 163 million (up 12% from the first quarter of 2018), driven by the combination of the 2018 and 2019 acquisitions and 3.2% like-for-like revenue growth. The occupancy rate of the entire portfolio increased to 94.7% in the first quarter of 2019, compared to 94.5% at the end of 2018. Funds from operations (FFOs) rose to 50 mn EUR (up 8% from the first quarter of 2018). The EPRA's net asset value (NAV) remained unchanged at EUR 4.5 billion. The net interest coverage ratio (ICR) increased to 7.7 × (compared to 4.2x for 2018) over the period as a result of the Group's successful refinancing in 2017 and 2018. The net debt to property portfolio ratio, LTV, rose slightly from 36.7% at the end of 2018 to 37.4%. The proportion of unencumbered assets to total assets increased to 67%, compared to 65% at the end of 2018. The secured debt ratio fell to 32% of total debt compared to 37% at the end of 2018. In February 2019, CPI Property Group issued senior bonds of HKD 450 million (approximately EUR 50 million). In March 2019, CPI Property Group issued US $ 350 million senior bonds (approximately EUR 312 million). In March 2019, CPI Property Group issued Schuldschein senior unsecured debt instruments with a total value of EUR 170 
million. In March 2019, CPI Property Group acquired a three-year unsecured revolving loan of EUR 510 million from the syndicate of 11 regional and international banks. Following hybrid bond issuance in April 2019, the Group's total available liquidity rose from approximately EUR 1 billion at the end of Q1 to its current value of over 
EUR 1.5 billion . The Group's EMTN program was raised to EUR 5 billion in April 2019.

"Our teams have again been able to deliver excellent results,"  said David Greenbaum , CFO of CPIPG .

Source / photo: www.retrend.cz / CPI Property Group