Grand City Properties H1 net rental income rises 3% on rent growth
German residential landlord reports 3% increase in first-half net rental income, driven by higher rental rates across its portfolio.
Grand City Properties SE said on Monday its first-half net rental income rose 3% year-on-year to €324.7 million, supported by rent growth across its German residential portfolio.
The Berlin-based real estate firm, which focuses on affordable housing in Germany, attributed the increase to higher rental rates and stable occupancy levels. Net rental income for the period totaled €324.7 million, up from €315.2 million in the same period last year.
Rental growth was driven by both existing and newly acquired properties, the company said. Grand City Properties did not provide a breakdown of rental rate changes by region or property type.
The company’s total revenue for the first half of the year rose 2% to €412.9 million, while operating expenses increased 4% to €126.1 million. Net profit for the period declined 12% to €112.4 million, reflecting higher financing costs and a one-off tax adjustment.
Grand City Properties, which is listed on the Frankfurt Stock Exchange, maintains a portfolio of over 60,000 residential units across Germany. The company has been expanding through acquisitions in recent years, including the purchase of around 5,000 units in 2023.
Shares in Grand City Properties were down 0.4% at €28.50 in early trading on Monday, underperforming the broader German real estate sector.
Priya covers listed equities and corporate earnings, reading quarterly results and guidance for what they signal about sector health and forward valuations.
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