German High Street Properties (GERHSP) Q1 2025 earnings summary

Executive summary

• Portfolio consists of 13 German high street properties valued at EUR 88.5 million as of March 31, 2025, down from EUR 91.1 million at year-end 2024.

• Q1 2025 saw a net loss of EUR -2.3 million, mainly due to a negative fair market value adjustment of EUR -2.9 million on properties.

• Revenue for Q1 2025 was EUR 1.2 million, slightly lower than EUR 1.3 million in Q1 2024.

• Rental activity included new leases in Gütersloh and Rosenheim and a provisional extension with Deichmann in Koblenz at higher rent.

Financial highlights

• Revenue: EUR 1.2 million in Q1 2025 (Q1 2024: EUR 1.3 million).

• Net loss: EUR -2.3 million in Q1 2025 (Q1 2024: EUR 0.0 million).

• Fair market value adjustment: EUR -2.9 million in Q1 2025 (Q1 2024: EUR 0.0 million).

• Cash flow from operating activities: EUR 0.1 million (Q1 2024: EUR 0.4 million).

• Equity as of March 31, 2025: EUR 60.8 million (March 31, 2024: EUR 57.4 million).

Outlook and guidance

• Management expects 2025 result before value adjustments and tax in the range of EUR 0.3–0.7 million, assuming stable rent/vacancy and slightly lower interest rates.

• Demand for well-located premises is expected to increase slightly, but reletting will require improvements and refurbishments.

• Guidance is subject to risks from higher-than-expected interest rates and geopolitical uncertainties.