Citycon Oyj

Citycon Oyj reported strong operational performance for the first three quarters of 2024, with a notable 11.2% increase in total net rental income at comparable FX rates. The average rent per square meter rose by 4.1%, and retail occupancy slightly improved to 95.1%. Citycon focused on strengthening its balance sheet through a share issue and the placement of a green bond, while also executing several divestments, including properties in Norway and Sweden. The company's EPRA earnings per share saw slight fluctuations due to one-time costs and divestments. Citycon aims to continue improving its debt metrics and operational efficiency, with plans to decentralize decision-making and reduce expenses. The company remains committed to sustainable growth, with a robust divestment pipeline and a focus on enhancing its core assets in major cities. The outlook for 2024 remains stable, assuming no major economic disruptions. Citycon will hold an investor and press conference on 7 November 2024.

Citycon Oyj will hold an Extraordinary General Meeting on November 12, 2024, at 12 noon (EET) via remote connection in accordance with Finnish regulations. Shareholders can vote in advance, with instructions provided in the notice. The meeting agenda includes opening the meeting, electing individuals to scrutinize minutes and supervise vote counting, confirming the meeting's legality, recording attendance, and deciding on the number of Board members. The Board proposes increasing the Board to ten members and electing Eero Sihvonen as a new member, who is independent of significant shareholders but not the company due to his previous role as CFO. Meeting documents and participation instructions are available on Citycon's website. Shareholders can register and vote electronically or by mail. The company has 184,151,840 shares and votes as of the notice date. Citycon is a Nordic region real estate company with a focus on sustainable property management, listed on Nasdaq Helsinki.

Citycon Oyj's Board of Directors has proposed increasing the number of board members to ten and electing Mr. Eero Sihvonen as a new member, with his term ending at the next Annual General Meeting. This proposal will be presented at the Extraordinary General Meeting on 12 November 2024, with details available by 21 October 2024. Mr. Sihvonen, who served as Citycon's CFO from 2005 to 2021, brings extensive experience in financing and managing Nordic mixed-use real estate. He is considered independent of significant shareholders but not independent of the company due to his previous role. Additional information about Mr. Sihvonen will be available on Citycon's website. Citycon is a prominent developer of mixed-use real estate in the Nordic region, with assets worth approximately EUR 4.2 billion and an investment-grade credit rating from Standard & Poor's. Its shares are listed on Nasdaq Helsinki.

Citycon Oyj announced that CEO Henrica Ginström has stepped down from her position with immediate effect, after serving since April 2024. The Board of Directors has appointed F. Scott Ball as interim CEO. Mr. Ball, who was Citycon’s CEO from 2019 to 2024 and has been a Board member since 2021, will take on the role while the Board searches for a new CEO. Chairman Chaim Katzman expressed gratitude for Ms. Ginström's service and confidence in the company's future plans. Citycon is a major real estate owner and developer in the Nordic region, focusing on mixed-use properties with a strong emphasis on sustainability. The company is listed on Nasdaq Helsinki and holds an investment-grade credit rating from Standard & Poor's.

Citycon Oyj announced a revision of its financial guidance for 2024, primarily due to factors such as the divestments of Kongssenteret and Trekanten, weakened NOK and SEK exchange rates in the third quarter, delays in the Barkarby residential project, and one-time reorganization costs from an organizational savings program. An increase in the total number of shares from a share issue in February 2024 also negatively impacts the EPRA EPS and adjusted EPRA EPS. The updated guidance assumes no major changes in macroeconomic conditions or significant disruptions from the war in Ukraine, and it is based on the existing property portfolio and current estimates of inflation, exchange rates, and interest rates. Citycon is a leading Nordic real estate company focusing on mixed-use developments and sustainable property management, with assets totaling approximately EUR 4.2 billion. Its shares are listed on Nasdaq Helsinki, and it holds an investment-grade credit rating from Standard & Poor's.