Grand City Properties Reports FY 2024 Financial Results

Grand City Properties S.A. (GCP) has reported its financial results for the fiscal year 2024, showing notable growth and achieving the top range of its updated guidance. The company recorded a net rental income of €423 million, representing a 3% increase from €411 million in 2023. This growth was mainly attributed to a 3.8% like-for-like rental increase driven by in-place rent growth.

The adjusted EBITDA for 2024 reached €335 million, marking a 5% rise from the previous year. Funds From Operations (FFO I) amounted to €188 million or €1.08 per share, achieving a higher range compared to €184 million in 2023. Positive property revaluations also contributed to financial improvements with gains of +0.5% on a like-for-like basis.

In 2024, GCP executed asset disposals worth €270 million, supporting its deleveraging efforts and resulting in a decreased Loan-to-Value (LTV) ratio to 33% from 37% in 2023. These efforts were complemented by issuing a €500 million bond and maintaining a strong liquidity position of €1.5 billion as of December.