Grand City Properties S.A. Reports Robust FY 2024 Performance

Grand City Properties S.A. announced its financial results for FY 2024, showcasing strong performance across several key metrics. The company's net rental income reached €423 million, marking a 3% increase from 2023. This growth was primarily fueled by a 3.8% like-for-like rental increase, driven by in-place rent growth.

Adjusted EBITDA improved by 5% to €335 million. The FFO I increased by 2% to €188 million, reflecting solid operational growth, although partially offset by higher finance expenses. Full-year property revaluation showed a positive change of +0.5%, highlighting a shift in momentum after two years of devaluations.

The company strategically disposed of assets totaling €270 million, aiding deleveraging and balance sheet strengthening. The LTV ratio reduced to 33% from 37% in 2023, reinforcing financial stability.