DJ Grand City Properties S.A. publishes unaudited preliminary financial results for 2024
Grand City Properties S.A. (IRSH)
Grand City Properties S.A. publishes unaudited preliminary financial results for 2024
12-March-2025 / 00:07 CET/CEST
The issuer is solely responsible for the content of this announcement.
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GRAND CITY PROPERTIES S.A. PUBLISHES UNAUDITED PRELIMINARY FINANCIAL RESULTS FOR 2024
-- Top range of FY 2024 updated guidance achieved
-- Net rental income of EUR423 million, higher by 3% as compared to EUR411 million in FY 2023.
-- Solid like-for-like rental growth of 3.8%, driven by in-place rent growth.
-- Adjusted EBITDA of EUR335 million in FY 2024, higher by 5% as compared to EUR320 million in FY 2023.
-- FFO I of EUR188 million in 2024 (1.08 per share), 2% higher as compared to EUR184 million in 2023, driven
robust growth in adjusted EBITDA, partially offset by the higher finance expenses and perpetual notes attribution.
-- Full year positive property revaluation of +0.5% on a like-for-like basis, following devaluation in H1
and marking first positive revaluation result in 2 years, driven by operational growth and underlining shift in
momentum.
-- Signed EUR350 million disposals in FY 2024, of which EUR125 million in Q4 2024 alone, up from EUR190 million in
2023. In 2024 EUR270 million disposals have been closed, carried at a slight 2% discount to book value, and
supporting deleveraging and strengthening the balance sheet.
-- LTV ratio down 4% to 33% as of December 2024, compared to 37% in December 2023.
-- ICR ratio of 5.7x and EUR6.4 billion of unencumbered assets (73% of total portfolio value).
-- Profit for the year of EUR242 million as a result of strong operational profits, supported by the positive
property revaluation.
-- EPRA NTA amounted to EUR4.3 billion or EUR24.3 per share as of December 2024.
-- 2025 FFO guidance in the range of EUR185 million to EUR195 million.
Luxembourg, 12 March 2025 - Grand City Properties S.A. ("GCP" or the "Company") announced earlier the reschedule of the
publication date of the audited financial statements to the 17^th of March from the 12^th of March 2025 and reports
unaudited preliminary results for the 2024 financial year.
GCP reports for 2024 a strong operational result with net rental income increasing by 3% to EUR423 million compared to
EUR411 million in 2023. The rise in net rental income was primarily driven by like-for-like rental growth of 3.8%,
stemming from in-place rent growth and extraction of the portfolio's embedded growth potential. Positive impacts from
operational growth were partially offset by the impact of net disposals. The Company's operational performance was
reflected in an adjusted EBITDA of EUR335 million, up 5% from EUR320 million in 2023. FFO I for 2024 amounted to EUR188
million, 2% higher as compared to EUR184 million in 2023. Solid operational growth was offset by a higher finance
expenses and perpetual notes attribution. FFO I per share stood at EUR1.08 in 2024, 1% higher compared to EUR1.07 in 2023,
with full-year FFO I guidance achieved at the upper end of the expected range.
GCP conducted a full revaluation of its portfolio, recording property revaluations of EUR50 million, representing a
like-for-like change of +0.5% compared to December 2023. Independent external valuers assessed the full portfolio,
ensuring an up-to-date status of the portfolio value. In the second half of 2024, market conditions improved while
strong operational growth continued, leading to a recovery in property values compared to the first half of the year.
Rental yield has increased slightly to 4.9% as of December 2024, from 4.8% in December 2023, as revaluations gains came
from rental like-for-like growth and high reversionary potential embedded in the portfolio. As of December 2024, the
rental yield has returned to its December 2018 level, highlighting GCP's conservative valuation approach over the years
and consequently resulted in reduced valuation volatility over time, while better positioning GCP going forward.
In 2024, GCP continued to take a proactive approach to its balance sheet and liquidity management through property
disposals and dividend suspension, strengthening its financial position and reducing financing risk. During the year,
GCP successfully completed the disposal of assets in the amount of ca. EUR270 million, around book values. The Company
maintains a sizeable disposal pipeline, but has become more selective about, focusing on price optimization over
liquidity. During 2024, GCP also launched perpetual exchanges and tender offers for perpetual notes with an aggregate
nominal amount of EUR550 million, which was well received in the market, achieving an acceptance rate of over 85%.
Additionally, the Company issued its Series Y bond with a volume of EUR500 million and a coupon of 4.375%, which was
oversubscribed seven times, reflecting strong investor demand. The proceeds were used to repay short-term debt in the
amount of ca. EUR570 million, enhancing the maturity profile and supporting balance sheet stability. The Company's
liquidity position reached EUR1.5 billion as of December 2024, driven by operational cash flows and proceeds from
disposals. The Company reported an LTV ratio of 33%, significantly lower compared to 37% in 2023. This decrease
reflects both the positive revaluations recorded in H2 2024 and the Company's ongoing deleveraging efforts,
strengthening its position to pursue accretive growth opportunities. The average cost of debt was 1.9%, with an average
debt maturity of 4.8 years as of 2024.
The unaudited preliminary numbers for the financial year of 2024 can be found on the next page and on the Company's
website: https://www.grandcityproperties.com/investor-relations/publications/financial-reports/
Summary of unaudited preliminary numbers
Income statement key figures (in EUR millions) FY 2024 FY 2023
(unaudited) (audited)
Net rental income 422.7 411.3
Adjusted EBITDA 335.0 319.6
FFO I 187.5 183.9
FFO I per share in EUR 1.08 1.07
EBITDA 376.7 (572.2)
Profit (loss) for the year 242.1 (638.1)
Basic earnings (loss) per share (in EUR) 1.14 (3.18)
Diluted earnings (loss) per share (in EUR) 1.14 (3.17)
Balance sheet key figures (in EUR millions) 31/12/2024 31/12/2023
(unaudited) (audited)
Total Assets 11,218.8 10,918.1
EPRA NTA 4,279.8 4,013.8
EPRA NTA per share (EUR) 24.3 23.2
Investment Property 8,629.0 8,629.1
Cash and liquid assets (including those recorded under held-for-sale) 1,514.7 1,230.5
Total Equity 5,414.2 5,230.1
Total Liabilities 5,804.6 5,688.0
Net Debt 2,920.6 3,201.8
Financial profile 31/12/2024 31/12/2023
LTV 33% 37%
Cost of debt 1.9% 1.9%
Average debt maturity 4.8 years 5.3 years
ICR 5.7x 5.6x
Unencumbered Assets EUR6.4 B (73%) EUR 6.6 B (75%)
Key Portfolio data 31/12/2024 31/12/2023
Number of units 60,820 63,303
Value (in EURM) 8,629.0 8,629.1
Annualized net rent (in EURM) 413 406
EPRA vacancy 3.8% 3.8%
l-f-l rental growth 3.8% 3.3%
Rental yield 4.9% 4.8%
About the Company
The Company is a specialist in residential real estate, value-add opportunities in densely populated areas primarily in Germany and London. The Company's strategy is to improve its properties by repositioning and intensive tenant management, and then create value by subsequently raising occupancy and rental levels. Further information: www.grandcityproperties.com
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