Grand City Properties S.A. Reports Strong Q1 2024 Results

Grand City Properties S.A. (GCP) has released its financial results for the first quarter of 2024, reporting a robust start to the year with significant operational success. The Luxembourg-based real estate company noted an increase in net rental income to €105 million, up by 4% from €101 million in the same period of 2023. This growth was attributed largely to a 3.4% increase in like-for-like rental income, primarily due to in-place rent growth.

The company's adjusted EBITDA rose to €82 million, marking a 3% increase from €80 million in Q1 2023. However, Funds From Operations (FFO I) saw a decrease of 4% to €45 million, from €47 million the previous year, influenced by higher perpetual notes attribution which somewhat offset the overall operational growth. Despite this, GCP managed a successful exchange of perpetual notes in April 2024, enhancing its capital structure and supporting its credit metrics.

GCP's liquidity position strengthened with €1.3 billion in cash and liquid assets, capable of covering debt maturities until the end of 2026. The company maintained a conservative LTV ratio of 36% and reported a stable vacancy rate of 3.9%. In addition to financial results, GCP confirmed its full-year 2024 guidance, reflecting confidence in its financial strategy and operational plans.