FFO I INCREASED 37% TO €46M
9M FINANCIAL HIGHLIGHTS
- In-place rent went up 15% to €127m
- 11 quarters of continuous increase, cumulative increase in excess of 60% since Q4 2015
- Gross margin from rental activity up by 27% to €83m
- Occupancy kept high at 93%
- 117,000 sq. m of newly leased space (32,000 sq. m in Q3’18)
- FFO I increased 37% to €46m
- 11 quarters of continuous increase, cumulative increase in excess of 60% (annualized)
since Q4 2015
- 11 quarters of continuous increase, cumulative increase in excess of 60% (annualized)
- Operating profit: 57% increase in profit before tax and fair value adjustments to €48m
- Profit after tax at €69m, earnings per share of €0.14
- EPRA NAV increased 7% to €1,145m as at 30 September 2018, EPRA NAV per share at €2.37m
- 11 quarters of continuous increase, cumulative increase of 47% since Q4 2015
- Net LTV at 45%
- Securing investment loans in the amount of €316 m
Q3 PORTFOLIO HIGHLIGHTS
- Acquisition in Budapest designated for development of 35,500 sq. m office building Center Point 3
- Commencement of construction of 17,900 sq. m office building Advance Business Center II in Sofia
- Gold LEED Certificate for Galeria Północna
- Additional anchor tenants in Galeria Północna: Mango and Media Expert
- Galeria Jurajska 100% leased
GTC is gaining further momentum and delivers strong results quarter by quarter. Our in-place rent increased by 15% triggered by acquisitions and completions of developments supported by our strong leasing teams signing over 117,000 sq. m office and retail lease agreements in the last 9 months.
All our financial indicators are improving over the last years in a row. We achieved over 60% cumulative increase in in-place rent and FFO since Q4 2015 and GTC’s EPRA NAV increased by almost 50% since then – said Thomas Kurzmann, GTC’s CEO. We are looking forward to see completions of several developments with over 84,000 sq. m during 2019 contributing further to solid growth.
