INCITY CLOSES FIRST HALF OF 2024 ACCORDING TO PLAN WITH A CONSOLIDATED LOSS AND CONFIRMS ANNUAL FORECAST

INCITY CLOSES FIRST HALF OF 2024 ACCORDING TO PLAN WITH A CONSOLIDATED LOSS AND CONFIRMS ANNUAL FORECAST

Schönefeld, 19 September 2024 – In its semi-annual financial statements for the first six months of the current fiscal year 2024 published today, InCity Immobilien AG (“InCity AG”) reports a semi-annual net loss of EUR 1.7 m at Group level which is primarily characterised by depreciation of the property portfolio in accordance with the German Commercial Code (HGB) of approximately EUR 0.9 m and by investments in portfolio properties of approximately EUR 0.8 m. 
“The results for the first half of the year are in line with our plans and, with regard to operating business performance, we can confirm the forecast for this fiscal year that we issued as part of the annual report for 2023,” says Michael Freund, CEO of InCity Immobilien AG.
 

As of the reporting date on 30 June 2024, the InCity Group’s property portfolio was unchanged, comprising seven residential and office buildings in Berlin and Frankfurt am Main with HGB carrying amounts amounting to approximately EUR 143 m as of the reporting date (31 December 2023: about EUR 144 m). 

The InCity Group’s sales revenue in the first half of 2024 (approx. EUR 4.1 m; prior year: approx. EUR 3.7 m) was mainly attributable to income from the rental of portfolio properties (approx. EUR 3.8 m; prior year: approx. EUR 3.5 m), which was increased due to new rentals of modernised residential units and rent adjustments in particular.

Continuously high equity ratio and financial stability

The InCity Group’s equity ratio was 48.6% as of 30 June 2024 (31 December 2023: about 50.0%) and the net asset value (NAV) of InCity AG’s shares was EUR 1.30 per share as of 30 June 2024, unchanged from 31 December 2023. 

Management Board confirms forecast for fiscal year 2024

The Management Board of InCity Immobilien AG confirms its forecast for the current fiscal year 2024 that anticipates a net loss for the year between EUR -3.5 m and EUR -4.0 m in InCity’s consolidated financial statements, primarily due to HGB depreciation of around EUR 1.8 m on portfolio properties as well as investments in the portfolio. 

As a multi-disciplinary real estate company, InCity Immobilien AG (referred to in the following as InCity AG) is dedicated to creating and increasing the value of property portfolios and operates in the fields of asset management and project development. For its property portfolio, InCity AG focuses on the real estate markets of the two major cities Berlin and Frankfurt am Main and pursues a sustainable investment strategy. The decisive factors here are location, property quality and long-term value stability. Accordingly, the portfolio consists of high quality core properties with value stability in Berlin as well as properties in locations in Frankfurt that are attractive in the long term with investment volumes between EUR 5 m and EUR 50 m. In addition, InCity AG assumes comprehensive and individually developed asset management contracts for third parties. InCity AG significantly strengthened its project development business unit in July 2021 by undertaking a contract, as a general contractor, for the construction of a new office property in the immediate vicinity of the Berlin-Brandenburg (BER) airport, as well as adding its own project development activities.
Visit the website for further information about the company: www.incity.ag