Grand City Properties S.A. Reports Q1 2026 with Strong Operations and Dividend Reinstatement

Grand City Properties S.A. has released its Q1 2026 results, revealing a robust operational performance and announcing the reinstatement of dividends after three years. Net rental income reached €109 million, marking a 2% increase from Q1 2025. The company maintained a low vacancy rate of 3.6% and reported a like-for-like rental growth of 3.5%.

Adjusted EBITDA rose by 1% to €86 million despite net disposals, while FFO I decreased by 4% to €46 million, mainly due to higher finance expenses. The company held a solid liquidity position with €1.6 billion in cash and liquid assets, equating to 36% of total debt.

A €600 million perpetual notes issuance post-reporting period facilitated refinancing, with the next reset in 2031. A dividend of €0.30 per share has been proposed for 2025, and future policy will be adjusted to 50% of FFO I per share, supporting growth capacity.