Grand City Properties Reports Robust 9M 2024 Results

Grand City Properties S.A. announced strong results for the first nine months of 2024, reflecting solid operational performance. The net rental income rose by 3% to €317 million, compared to €307 million in 9M 2023, driven by a 3.5% like-for-like rental growth. This operational strength led to a 5% increase in adjusted EBITDA, reaching €250 million.

Despite strong operational metrics, the company reported a net loss of €17 million, primarily due to negative property revaluations in the first half of the year. However, liquidity remained strong with €1.5 billion in cash and liquid assets.

Grand City Properties also maintained a conservative leverage position, with a stable Loan-to-Value (LTV) ratio of 36% and significant unencumbered assets worth €6.2 billion. The company confirmed its full-year guidance based on these results.