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LUXEMBOURG - Grand City Properties S.A. reported a 1% increase in net rental income to €213 million for the first half of 2025, according to a company press release issued Wednesday.
The German and London-focused residential real estate company achieved like-for-like rental growth of 3.7% as of June 2025, helping to offset the impact of property disposals.
Adjusted EBITDA rose 2% to €169 million compared to €166 million in the same period last year, while FFO I (funds from operations) increased 1% to €95 million. FFO I per share remained stable at €0.54.
The company conducted a full portfolio valuation in the first half of 2025, resulting in a positive like-for-like property revaluation of 1.6%. Net profit reached €210 million with basic earnings per share of €0.92, compared to a loss of €74 million and a basic loss per share of €0.38 in H1 2024.
Grand City Properties maintained a liquidity position of nearly €1.5 billion in cash and liquid assets as of June 2025, representing 34% of total debt. The loan-to-value ratio stood at 32%, with an interest coverage ratio of 5.4x.
During the period, the company completed €131 million in disposals at book value and made acquisitions totaling €60 million in London. EPRA NTA (net tangible assets) amounted to €4.4 billion, or €25.2 per share, a 4% increase compared to December 2024.
"We are pleased to report a solid first half of 2025, marked by continued operational strength, benefitting from favorably strong fundamentals in our portfolio locations driving internal growth," said Refael Zamir, CEO of Grand City Properties, in the statement.
The company confirmed its full-year 2025 FFO I guidance.
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