InCity Immobilien AG Reports Financial Loss for Fiscal Year 2023

InCity Immobilien AG, a real estate company operating in Berlin and Frankfurt, announced a consolidated loss of EUR 6.0 million for fiscal year 2023 according to HGB accounting standards, a notable decline compared to previous years. The company's Group net loss deepened to EUR 9.7 million from an individual entity perspective. Key drivers included a decrease in EBITDA and two extraordinary depreciations.

Despite the setbacks, InCity maintained a stable financial condition with an equity ratio of approximately 50%, an increase from 46% in the previous year. The company’s property portfolio held steady with seven properties, but their market value dropped from EUR 207.0 million in 2022 to EUR 177.5 million by the end of 2023, influenced by higher capitalisation rates affecting asset valuation.

Looking ahead to 2024, InCity anticipates further challenges with expected negative net income influenced by non-capitalized investments and necessary depreciations. However, the company remains optimistic about potential value-enhancing measures and the sustainability of its business model amidst economic uncertainties.