Gicsa's 3Q24 Results: Stability and Growth in Retail Real Estate

Gicsa, a leading Mexican real estate company, has announced its consolidated results for the third quarter of 2024. The company's main operating indicators remained stable, with a focus on its Collect, Operate, Renew, and Rent (CORR) strategy.

Gicsa's same-property visitor traffic increased by 2% compared to the second quarter of 2024, while tenant sales grew by 3% during the same period. The occupancy rate of the company's operating portfolio remained at 86%, and rents per square meter stood at 374 pesos. These figures demonstrate Gicsa's ability to maintain a strong presence in the retail real estate market.

In terms of commercialization, Gicsa signed 63 new lease contracts in the third quarter, equivalent to 21,786 square meters. Additionally, 55 new lease spaces began operations, corresponding to 14,952 square meters. These figures indicate Gicsa's continued success in attracting new tenants and expanding its retail offerings.

Gicsa's financial results for the third quarter of 2024 showed moderate growth. Consolidated and proportional net operating income (NOI) continued to grow by 6% compared to the second quarter of 2024, with results of Ps. 894 million and Ps. 741 million, respectively. Consolidated and proportional earnings before interest, taxes, depreciation, and amortization (EBITDA) for the third quarter of 2024 was Ps. 829 million and Ps. 676 million, with increases of 5% compared to the second quarter of 2024.

Gicsa's development projects, such as Grand Outlet Riviera Maya and Paseo Metepec, continue to progress. The Grand Outlet Riviera Maya shopping mall had its soft opening in late 2023, and Paseo Metepec is currently 89% complete. These projects contribute to Gicsa's growth and expansion in the retail real estate market.

In conclusion, Gicsa's third-quarter 2024 results demonstrate the company's ability to maintain stability and achieve growth in the retail real estate sector. Through its CORR strategy, Gicsa continues to improve its occupancy levels and commercial offer, attracting new tenants and expanding its retail offerings. The company's financial results and development projects indicate a positive outlook for Gicsa's future in the Mexican real estate market.