Grand City Properties

Maybe we are expecting too much, but there remains little tangible evidence of the “capturing growth” and “positioned well for future opportunities” narrative previously outlined by management. The results themselves are stable, yet we see limited progress towards our anticipated shift from balance sheet preservation to accretive external growth.

A brief snapshot of the Q3 results shows like-for-like rental growth continuing at 3.7%, loan-to-value (LTV) reduced to 33%, and the interest cover ratio (ICR) improving to 5.3x. The Company has reiterated its FY25 guidance.