Grand City Properties rises on FFO outlook hike

Grand City Properties SA

14/08/2024 09:30

** Shares in Grand City Properties  GYC.DE  rise 2.3% as the
German residential real estate company hikes its FY funds from
operations (FFO) guidance, after posting H1 results
    ** Grand City now expects FY FFO of 180 million euros to 190
million euros ($197.82-$208.81 million), compared to 175-185
million euros previously targeted
    ** "Slight guidance increase might act positive at least at
trading start," a local trader says
    ** The company's H1 net rental income came at 212 million
euros, up 3% from 204 million a year earlier
    ** The stock, has gained 18.1% YTD, is among the best
performers of Germany's small-cap index  .SDAXI , which is down
0.14%


($1 = 0.9099 euros)

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))