Grand City Properties Reports Preliminary 2024 Financial Results

Grand City Properties S.A. released its unaudited preliminary financial results for 2024, revealing a net rental income increase of 3% to €423 million, bolstered by a 3.8% like-for-like rental growth. The company's adjusted EBITDA rose by 5% to €335 million, although higher finance expenses partially offset this growth. FFO I stood at €188 million, a 2% rise compared to 2023.

The year also witnessed a positive property revaluation of +0.5%, marking the first such improvement in two years. The company completed €270 million in property disposals, which contributed to reducing its loan-to-value (LTV) ratio from 37% in 2023 to 33% in 2024, enhancing balance sheet strength.

Further strategic moves included launching exchanges for perpetual notes, issuing a new bond, and achieving a significant cash position of €1.5 billion. Grand City Properties anticipates 2025 FFO I in the range of €185 million to €195 million.