Luxembourg's Grand City Properties Q1 rental income rises 2%, reinstates dividend

Grand City Properties SA

12/05/2026 06:00

Overview

Luxembourg residential real estate firm's Q1 rental income rose 2% yr/yr to €109 mln

Q1 adjusted EBITDA up 1% yr/yr; FFO I per share fell 4% on higher finance costs

Company reinstates dividend after 3 years, proposes €0.30 per share for 2025

Outlook

Grand City Properties confirms 2026 FFO I guidance at €175 mln to €185 mln

Dividend for 2025 proposed at €0.30 per share; 2026 policy set at 50% of FFO I

Company says strong liquidity and conservative financial profile support growth opportunities

Result Drivers

RENTAL GROWTH - Co said 3.5% like-for-like rental growth, mainly from in-place rental increases, drove higher net rental income

CAPITAL RECYCLING - Co said disposals of non-core assets and new acquisitions in Germany and London supported portfolio optimization

HIGHER FINANCE EXPENSES - Co said increased finance costs offset adjusted EBITDA growth, leading to lower FFO I

Company press release: ID:nEQ4ypqH4a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Rental Income
EUR 109 mln
Q1 Net Income
EUR 42 mln
Q1 Adjusted EBITDA
EUR 86 mln
Q1 FFO
EUR 46 mln
Q1 Like-For-Like
3.50%


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 4 "hold" and 2 "sell" or "strong sell"

The average consensus recommendation for the real estate rental, development & operations peer group is "buy."

Wall Street's median 12-month price target for Grand City Properties SA is €12.25, about 29.2% above its May 11 closing price of €9.48

The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 9 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)