Brief: Grand City Properties FY Net Rental Income At EUR 411 Mln

Grand City Properties SA

13/03/2024 05:48

March 13 (Reuters) - GRAND CITY PROPERTIES SA  GYC.DE :
    * ANNOUNCES FY 2023 RESULTS WITH ROBUST OPERATIONAL GROWTH
AND
STABLE LTV
    * TOP RANGE OF FY 2023 GUIDANCE ACHIEVED.
    * FY NET RENTAL INCOME OF EUR 411 MILLION, HIGHER BY 4% AS
COMPARED TO EUR 396 MILLION IN FY 2022
    * DUE TO CURRENT MACRO-ECONOMIC ENVIRONMENT, COMPANY WILL
NOT PAY
DIVIDEND FOR 2023.
    * FY SOLID LIKE-FOR-LIKE RENTAL GROWTH OF 3.3%
    * HISTORIC LOW VACANCY RATE OF 3.8% AS OF DECEMBER 2023
    * ADJUSTED EBITDA OF EUR 320 MILLION IN FY 2023
    * INCREASED LIQUIDITY POSITION BY EUR 800 MILLION TO EUR 1.2
BILLION AS OF DECEMBER 2023
    * EPRA LTV (CONSIDERING PERPETUAL NOTES AS DEBT) AS OF
DECEMBER
2023 IS 48%
    * FFO I OF EUR 184 MILLION IN 2023 (1.07 PER SHARE)
    * FY LOSS OF EUR 638 MILLION AS A RESULT OF NEGATIVE
PROPERTY
REVALUATION
    * DUE TO CURRENT MACRO-ECONOMIC ENVIRONMENT, COMPANY WILL
NOT PAY
DIVIDEND FOR 2023

Source text for Eikon:  ID:nEQ2kw9TQa 
Further company coverage:  GYC.DE 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))