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Grand City Q1 FFO I rises 6% YOY

Grand City Properties SA's funds from operations I for the first quarter rose 6% to nearly €52.7 million from roughly €49.5 million year over year.

FFO I per share amounted to 32 euro cents, up 7% from 30 cents in the first quarter of 2018.

Profit for the period declined 5% to €125.3 million from €131.7 million, while basic EPS fell 8% year over year to 65 cents from 71 cents.

Adjusted EBITDA increased 7% to almost €72.6 million from approximately €67.8 million. Rental and operating income rose 5% to about €139.1 million from €132.4 million in the quarter ended March 31, 2018.

Net asset value, as defined by the European Public Real Estate Association, totaled to €3.90 billion, or €23.4 per share as of March 31, marking a 4% growth from 2018-end.

The company divested roughly €124 million of assets at a substantial profit margin of 160% over total cost, reflecting a 10% premium on its last appraised book values.