Brief: Grand City Properties 9M Net Rental Income At EUR 307 Mln

Grand City Properties SA

15/11/2023 05:42

Nov 15 (Reuters) - GRAND CITY PROPERTIES SA  GYC.DE :
    * ANNOUNCES RESULTS FOR 9M 2023 DRIVEN BY STRONG OPERATIONAL
RESULTS AND HIGH LIQUIDITY POSITION
    * NET RENTAL INCOME OF EUR 307 MILLION FOR 9M 2023, HIGHER
BY 4%
AS COMPARED TO EUR 295 MILLION IN 9M 2022
    * ADJUSTED EBITDA OF EUR 240 MILLION IN 9M 2023, INCREASING
BY 4%
AS COMPARED TO EUR 230 MILLION IN 9M 2022
    * FFO I OF EUR 141 MILLION IN 9M 2023, LOWER BY 2% AS
COMPARED TO
EUR 145 MILLION IN 9M 2022 MAINLY DRIVEN BY HIGHER FINANCING
COST AND PERPETUAL NOTES ATTRIBUTION
    * LOSS OF EUR 398 MILLION IN 9M 2023 PRIMARILY AS A RESULT
OF
NEGATIVE PROPERTY REVALUATIONS, OFFSET BY ROBUST OPERATIONAL
PROFITS
    * STRONG LIQUIDITY POSITION, WITH CASH AND LIQUID ASSETS OF
EUR
1.1 BILLION AS OF SEPTEMBER 2023, COVER DEBT MATURITIES UNTIL
MID-2026 AND REFLECT 25% OF TOTAL DEBT
    * FY 2023 GUIDANCE CONFIRMED

Source text for Eikon:  ID:nEQ68KMQwa 
Further company coverage:  GYC.DE 

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