The Residential Real Estate Investor $GYC (-2%) Grand City Properties increased its rental income by 4% to 331 million euros in the first three quarters. However, partly due to higher financial expenses, operating profit (FFO I) fell by 4% to 136 million euros. By the end of September, the company had completed residential property purchases totaling 200 million euros—at 14 times the book value—primarily in Germany and London. More than half of these transactions took place in the third quarter. Subsequently, Grand City acquired a 20% stake in LEG Immobilien. The shares in question have a market value of approximately 700 million euros, while the corresponding portion of the LEG portfolio has an equity value of 1.8 billion euros. To finance this, Grand City secured a two-year loan of 600 million euros. In addition, a short-term bond issue of 500 million euros was issued. Due to the LEG investment, the company is raising its annual FFO forecast by 10 million euros to between 185 and 195 million euros.

$AT1 (-1,1%)
-Subsidiary Grand City joins $LEG (-1,2%)
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Grand City Properties has acquired a block of shares in the residential real estate group LEG Immobilien from financial investors, thereby becoming the largest single shareholder with a 20.4% stake. Grand City states that it could increase this stake to 29.9% or, if market conditions are right, sell it again. Like those of other housing companies, LEG’s stock has been trading at a low since the recent rise in interest rates. Based on yesterday’s closing price, the newly acquired stake has a market value of just under 700 million euros, while the pro-rata book value of LEG’s real estate portfolio stands at 1.8 billion euros. Grand City apparently sought to take advantage of the price discount. In addition, Grand City owns many apartments in LEG’s home market of North Rhine-Westphalia. Grand City, in turn, is majority-owned by Aroundtown. With this investment in LEG, the residential business—accounting for 42%—will become Aroundtown’s largest division. LEG Immobilien reacted neutrally to the transaction.

Things are slowly getting underway. I’m also starting to get a little excited about residential real estate stocks, but I think holding off for a few more months will lead to lower equity prices. However, some of the NAV discounts are already really tempting, even when you factor in that they’ll likely have to depreciate significantly again. Also $VNA (-1,03%) , $TEG (+0,13%) , $GYC (-2%)

Which stock do you find most attractive for getting started? Right now, I’m leaning most toward $TEG (+0,13%) and $LEG (-1,2%)

@investron Is this something for your dividend portfolio?

Hello everyone, 👋🏻

Today was the day again. I sold the following positions:

$VAN (-0,84%)

$WSU (-0,64%)

$GYC (-2%)

I sold my positions because I am no longer personally convinced by the companies and I am switching my dividend income. The shares I sold were one-time payers for the year.

My aim is to receive regular dividends every month in future. 💸

The money that was freed up was invested in two positions. On the one hand, I increased my position in $PEP (+0,94%) and the other position $HRL (+1,67%) is now a new addition to my portfolio. ✔️

Other positions in my portfolio will be increased again and again in the near future. I'm already doing quite well for the year.

January, February, August, etc. still bother me personally. Do you have any tips for reputable dividend stocks? 🤔

Thank you for your attention! 🤗