InCity Immobilien AG Reports Preliminary 2023 Financial Loss Exceeding Forecasts

InCity Immobilien AG disclosed a consolidated net loss of approximately EUR 6.0 million for the fiscal year 2023, as per unaudited preliminary data. This figure surpasses the revised forecast from December last year, which estimated losses between EUR 5.0 million and EUR 5.5 million. The single-entity net loss also significantly exceeded expectations, reaching around EUR 9.7 million against a forecasted range of EUR -2.3 million to EUR 2.8 million.

The company attributed the higher-than-expected losses partly to non-liquidity-related extraordinary depreciations, including a significant write-down of EUR 1.9 million on the "Stiftstrasse 18/20" property in Frankfurt am Main. Additionally, a property in Berlin underwent a similar depreciation of about EUR 1.2 million, further impacting the consolidated net loss.

InCity AG also reported a decrease in the market value of its portfolio properties by approximately 14%, alongside an equity ratio improvement to about 49.5% and a slight increase in the loan-to-value ratio to 35%. The net asset value per share decreased to EUR 1.30 as of the end of 2023.

Impairments on long-term loans granted to subsidiaries due to decreased property values resulted in significant adjustments, contributing to the single-entity financial statement's net loss. InCity AG is set to release its annual report with final figures for 2023 on April 25, 2024.