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Grand City Properties (GYC) investor relations material
Grand City Properties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved 1% year-over-year growth in net rental income to €320m and adjusted EBITDA to €253m for 9M 2025, supported by strong like-for-like rental growth and operational performance.
Report covers the nine months ended 30 September 2025, focusing on residential real estate in Germany and London, with a portfolio of 61,000 units concentrated in major metropolitan areas and a value-add strategy targeting rental growth and operational efficiency.
Maintained a low vacancy rate of 3.6% and confirmed FY 2025 guidance for FFO I of €185–195m, with stable outlook from S&P (BBB).
Disposed of €140m in non-core assets and acquired €85m in accretive properties, mainly in London, supporting future growth.
Strong liquidity of €1.4bn and conservative financial profile with LTV at 33% and high unencumbered asset base.
Financial highlights
Net rental income rose 1% year-over-year to €320m, driven by 3.7% like-for-like rental growth, offsetting net disposals.
Adjusted EBITDA increased 1% to €253m; FFO I stable at €141m (€0.80 per share, down 2%).
Profit for the period reached €410m, driven by positive revaluation and a one-off deferred tax income, reversing a €17m loss in 2024.
EPRA NTA per share increased 3% to €25.1; total equity up 6% to €5,725m.
Cash and liquid assets stood at €1.4bn, representing 32% of total debt.
Outlook and guidance
FY 2025 guidance confirmed: FFO I of €185–195m, FFO I per share €1.05–1.11, dividend per share €0.78–0.83, and LTV below 45%.
Like-for-like net rent growth expected at ~3.5%, driven by in-place rent increases and operational efficiency.
Management highlights robust fundamentals in key markets, ongoing value-add initiatives, and expects continued stable cash flows and rental growth.
Deferred tax income from German tax reform is a one-off benefit; future periods will not repeat this effect.
German tax rate change: financial implications
Capital recycling strategy: acquisition yields
London portfolio currency impact on OCI
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Next Grand City Properties earnings date
Q4 202513 Mar, 2026
Next Grand City Properties earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
Grand City Properties S.A. is a real estate company specializing in the acquisition, management, and enhancement of residential properties. The company focuses on optimizing its property portfolio through renovations and efficient asset management, aiming to provide high-quality living spaces. Its operations primarily target urban areas and regions with strong economic fundamentals, where demand for residential housing is significant. The company is headquartered in Luxembourg City, Luxembourg, and its shares are listed on the FSE (Frankfurt Stock Exchange).
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