GECC Reports Financial Results for Fiscal Year Ended August 31, 2024

Global Education Communities Corp. (GECC) has published its audited financial statements for the fiscal year ending August 31, 2024. Despite a 2% decline in total revenue to $77 million, the company reports stable growth, primarily due to increasing domestic enrollments and rental income. The sale of the GEC Granville Hotel impacted rental revenues for 2024, yet adjusted rental income showed a 12.6% growth from the previous year.

GECC faced a 10% decline in international student enrollment due to federal regulations but compensated with a 6% rise in domestic enrollments. These shifts adjusted the tenant demographic, increasing domestic occupancy from 17% to 44%. The company's net income attributable to shareholders marked a positive turnaround, reaching $1.094 million, or $0.02 per share, compared to the previous year’s loss.

Significant governmental incentives are expected to support future growth. These include the potential removal of the Goods and Services Tax on new rental constructions and transit-oriented policy amendments allowing for denser developments. These initiatives may significantly reduce construction costs for ongoing projects, further solidifying GECC's market position in education-related real estate.