InCity Immobilien AG Reports First Half 2024 Results, Confirms Annual Forecast

InCity Immobilien AG has reported a consolidated net loss of EUR 1.7 million for the first half of 2024. This outcome aligns with the company's earlier projections. The loss is primarily attributed to depreciation of the property portfolio amounting to EUR 0.9 million and investments in properties totaling EUR 0.8 million.

Despite the loss, InCity Immobilien AG maintains a solid financial position with an equity ratio of 48.6% as of June 30, 2024. The company's net asset value remains steady at EUR 1.30 per share. Revenue increased slightly to approximately EUR 4.1 million, driven by new rentals of modernized residential units and rent adjustments.

The company confirmed its annual forecast for 2024, expecting a net loss between EUR 3.5 million and EUR 4 million. This projection considers continued HGB depreciation and ongoing investments in the property portfolio.