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GICSA Announces Consolidated Results for First Quarter 2017


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, industrial buildings and mixed use properties, announced today its results for the first quarter ("1Q17") period ended March 31, 2017. 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 mentioned throughout this report may present adjustments in the future.

Main Highlights


  • GICSA reported an increase of 62,075 square meters (m2), reaching a total of 681,641 m2 of Gross Leasable Area (GLA) comprised of 13 stabilized properties and 2 properties in stabilization process at the close of 1Q17. GICSA’s proportional GLA during 1Q17 was 424,399 square meters. This is mainly explained by the opening of La Isla Vallarta and Forum Cuernavaca.
  • Average leasing rate per square meter at the close of 1Q17 was Ps. 331, an 5% increase compared to 1Q16, which was Ps. 315.
  • GICSA registered an occupancy cost of 7.15% in 1Q17 due to an increase in same-store sales of 11.4% in 1Q17.
  • At the close of 1Q17 GICSA had a total of 16 million of visitors in the shopping malls of the stabilized properties.


  • Net operating income (NOI) of the stabilized and under development portfolio reached Ps. 777 million, an increase of 11% compared to 1Q16.
  • Consolidated EBITDA in 1Q17 reached Ps. 787 million, an increase of 17%.
  • Consolidated debt in 1Q17 was Ps. 17,746 million, while GICSA’s proportional debt was Ps. 12,815 million, resulting in a loan-to-value ratio of 32.5%.


  • To date, the commercialization of properties under development reached 176,300 m2 of GLA under contract. This represents 33% of the total space comprising projects under construction.

For a full version of GICSA’s First Quarter 2016 Earnings Release, please visit: http://www.gicsa.com.mx/inversionistas?id=1

Conference Call

GICSA cordially invites you to its First Quarter 2017 Conference Call

Wednesday, April 26, 2016
12:00 p.m. Eastern Time
11:00 a.m. Mexico City Time

To access the call, please dial:
1-800-311-9401 U.S. participants
1-334-323-7224 International participants
Passcode: 87477

About the Company

GICSA is a leading company in the development, investment, commercialization and operation of shopping malls, corporate offices and industrial warehouses 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, 2017, the Company owned 13 income-generating properties and 2 in stabilization process, consisting of nine shopping malls, four mixed use projects (which include four shopping malls, four corporate offices and one hotel), and two corporate office buildings, representing a total Gross Leasable Area (GLA) 681,641 square meters, and a Proportional GLA of 424,399 square meters. Since June 2015, GISCA is listed on the Mexican Stock Exchange under the ticker (BMV:GICSA B).

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