REG-Grand City Properties S.A. Grand City Properties S.A. publishes unaudited preliminary financial results for 2024

Grand City Properties SAAnnouncement

11/03/2025 23:15

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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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THIS  ANNOUNCEMENT  IS  NOT  FOR  RELEASE,  PUBLICATION  OR  DISTRIBUTION,  DIRECTLY   OR
INDIRECTLY, IN OR INTO THE UNITED STATES,  CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR  ANY
OTHER JURISDICTION WHERE  TO DO SO  WOULD CONSTITUTE  A VIOLATION OF  APPLICABLE LAWS  OR
REGULATIONS 

  GRAND CITY PROPERTIES S.A. PUBLISHES UNAUDITED PRELIMINARY FINANCIAL RESULTS FOR 2024

  • Top range of FY 2024 updated guidance achieved
  • Net rental income of  €423 million, higher by  3% as compared to  €411 million in  FY
    2023.
  • Solid like-for-like rental growth of 3.8%, driven by in-place rent growth.
  • Adjusted EBITDA of €335 million in FY 2024, higher by 5% as compared to €320  million
    in FY 2023.
  • FFO I of €188 million in 2024 (1.08 per share), 2% higher as compared to €184 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 €350 million disposals in FY 2024, of which €125 million in Q4 2024 alone,  up
    from €190 million in 2023. In 2024  €270 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 €6.4 billion  of unencumbered assets  (73% of total  portfolio
    value).
  • Profit for  the year  of €242  million as  a result  of strong  operational  profits,
    supported by the positive property revaluation. 
  • EPRA NTA amounted to €4.3 billion or €24.3 per share as of December 2024.
  • 2025 FFO guidance in the range of €185 million to €195 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 €423 million  compared to  €411 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 €335 million, up 5%  from
€320 million in 2023. FFO I for 2024  amounted to €188 million, 2% higher as compared  to
€184 million in 2023. Solid  operational growth was offset  by a higher finance  expenses
and perpetual  notes attribution.  FFO I  per share  stood at  €1.08 in  2024, 1%  higher
compared to €1.07 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 €50
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. €270 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  €550
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 €500 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.  €570
million, enhancing  the maturity  profile  and supporting  balance sheet  stability.  The
Company’s liquidity  position  reached  €1.5  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:
 1 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 €)                         1.14         (3.18)
Diluted earnings (loss) per share (in €)                       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         1,514.7      1,230.5
held-for-sale)
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                                            €6.4 B (73%) € 6.6 B (75%)
                                                                             
Key Portfolio data                                             31/12/2024   31/12/2023
Number of units                                                60,820       63,303
Value (in €M)                                                  8,629.0      8,629.1
Annualized net rent (in €M)                                    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

 

Grand City Properties  S.A. (ISIN: LU0775917882)  is a public  limited liability  company
(société anonyme) incorporated under  the laws of the  Grand Duchy of Luxembourg,  having
its registered  office at  37, Boulevard  Joseph II,  L-1840 Luxembourg,  Grand Duchy  of
Luxembourg and  being  registered  with  the  Luxembourg  trade  and  companies  register
(Registre de Commerce et des Sociétés Luxembourg)  under number B 165 560. The shares  of
the Company are listed on the Prime Standard segment of Frankfurt Stock Exchange.

 

Contact:

Grand City Properties S.A.
37, Boulevard Joseph II,
L-1840 Luxembourg
T: +352 28 77 87 86
E: info@grandcity.lu
www.grandcityproperties.com 

Investor Relations Team:
Grand City Properties S.A.
E:  2 gcp-ir@grandcity.lu

 

DISCLAIMER: 

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO
BUY ANY SECURITIES.

THE SECURITIES MENTIONED IN THIS ANNOUNCEMENT HAVE NOT BEEN, AND WILL NOT BE,  REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), AND  MAY
NOT BE OFFERED  OR SOLD IN  THE UNITED STATES  ABSENT REGISTRATION OR  AN EXEMPTION  FROM
REGISTRATION UNDER THE SECURITIES ACT. THERE WILL BE NO PUBLIC OFFERING OF THE SECURITIES
IN THE UNITED STATES.

THIS ANNOUNCEMENT IS DIRECTED AT AND IS  ONLY BEING DISTRIBUTED IN THE UNITED KINGDOM  TO
(I) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE  IN MATTERS RELATING TO INVESTMENTS  FALLING
WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION)
ORDER 2005 (THE ORDER), (II)  HIGH NET WORTH ENTITIES, AND  OTHER PERSONS TO WHOM IT  MAY
OTHERWISE LAWFULLY BE  COMMUNICATED FALLING  WITHIN ARTICLE 49  OF THE  ORDER, AND  (III)
PERSONS TO WHOM  IT MAY  OTHERWISE LAWFULLY BE  COMMUNICATED (ALL  SUCH PERSONS  TOGETHER
BEING REFERRED TO AS RELEVANT PERSONS). THIS COMMUNICATION MUST NOT BE READ, ACTED ON  OR
RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT  ACTIVITY
TO WHICH THIS  ANNOUNCEMENT RELATES IS  AVAILABLE ONLY  TO RELEVANT PERSONS  AND WILL  BE
ENGAGED IN ONLY WITH RELEVANT PERSONS.

IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (EEA), THIS ANNOUNCEMENT AND ANY OFFER  IF
MADE SUBSEQUENTLY IS DIRECTED  ONLY AT PERSONS WHO  ARE “QUALIFIED INVESTORS” WITHIN  THE
MEANING OF ARTICLE 2(1)(E) OF DIRECTIVE 2003/71/EC, AS AMENDED (THE PROSPECTUS DIRECTIVE)
(QUALIFIED INVESTORS). ANY PERSON IN THE EEA WHO ACQUIRES THE SECURITIES IN ANY OFFER (AN
INVESTOR) OR  TO  WHOM ANY  OFFER  OF THE  SECURITIES  IS MADE  WILL  BE DEEMED  TO  HAVE
REPRESENTED AND AGREED THAT IT IS A QUALIFIED INVESTOR. ANY INVESTOR WILL ALSO BE  DEEMED
TO HAVE REPRESENTED AND AGREED THAT ANY SECURITIES  ACQUIRED BY IT IN THE OFFER HAVE  NOT
BEEN ACQUIRED ON BEHALF OF  PERSONS IN THE EEA OTHER  THAN QUALIFIED INVESTORS, NOR  HAVE
THE SECURITIES BEEN ACQUIRED WITH A VIEW TO  THEIR OFFER OR RESALE IN THE EEA TO  PERSONS
WHERE THIS WOULD RESULT  IN A REQUIREMENT FOR  PUBLICATION BY THE COMPANY  OR ANY OF  THE
MANAGERS OF A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE PROSPECTUS DIRECTIVE.

THIS ANNOUNCEMENT MAY CONTAIN PROJECTIONS OR  ESTIMATES RELATING TO PLANS AND  OBJECTIVES
RELATING TO OUR FUTURE  OPERATIONS, PRODUCTS, OR SERVICES,  FUTURE FINANCIAL RESULTS,  OR
ASSUMPTIONS UNDERLYING OR RELATING  TO ANY SUCH STATEMENTS,  EACH OF WHICH CONSTITUTES  A
FORWARD-LOOKING STATEMENT SUBJECT TO  RISKS AND UNCERTAINTIES, MANY  OF WHICH ARE  BEYOND
THE CONTROL OF THE COMPANY. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A NUMBER
OF FACTORS.

 

 

 

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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

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   ISIN:           LU0775917882, LU0775917882 , XS1491364953, XS1811181566,
                   XS2271225281, XS1220083551, XS1654229373, XS1706939904,
                   XS1706939904, XS1763144604, XS1781401085, CH0401956872,
                   XS1827041564, XS1851265527, XS1953786222, XS1964638446,
                   CH0482172415, XS2016885159, XS2033380820, XS2035328223,
                   XS2154325562, XS2282101539, XS2799494633, XS2855975285
   Category Code:  MSCM
   TIDM:           IRSH
   LEI Code:       5299002QLUYKK2WBMB18
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   378698
   EQS News ID:    2099074


    
   End of Announcement EQS News Service

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References

   Visible links
   1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=572a7a11a9f4d65d9beb026beb0b36bd&application_id=2099074&site_id=reuters~~~787b94c3-8286-43cc-98b3-26b1dc52d810&application_name=news
   2. mailto:gcp-ir@grandcity.lu


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