Grand City Properties SA (DE:GYC) has released an update.
Grand City Properties S.A. reported a promising start to 2024, with a 4% increase in net rental income to €105 million and a sustained net profit of €44 million. Despite a slight decrease in FFO I per share due to higher perpetual notes costs, the company maintains a strong liquidity position with €1.3 billion in cash, covering debt until 2026, and a stable loan-to-value ratio at 36%. The company’s strategic asset management and recent successful perpetual notes exchange have positioned it well for the fiscal year 2024.
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