G City Publishes Preliminary Third-Quarter Results; Leverage Remains High

In depth

G City published preliminary results for the third quarter. NOI on a proportionate basis and excluding currency effects rose 21%, mainly due to the increased holding in Citycon, while consolidated NOI fell 9%. FFO per share rose 13%, although total FFO remained almost unchanged.

The company recorded a loss of 103 million shekels attributable to shareholders for the period. Leverage stands at about 67%, a figure that remains high. The company intends to continue its plan to exit Brazil, despite Lula's re-election as the country's president.

The preliminary report was published against the backdrop of events in Brazil and a turbulent period for the share. The figures themselves show a mixed picture: operating income excluding currency rising, alongside a decline in consolidated income and an accounting loss, with leverage remaining high.