H1 2019 FINANCIAL HIGHLIGHTS
- In-place rent increased 14% to €142m (€125m as of 30 June 2018)
- Gross margin from rental activity up by 13% to €61m (€54 in H1 2018)
- FFO I increased 28% to €37m (€29m in H1 2018), FFO per share at €0.08
- Operating profit: 17% increase in profit before tax and fair value adjustments to €37m (€32m in H1 2018)
- Profit after tax of €43m (€46m in H1 2018), earnings per share of €0.09
- EPRA NAV up by 1% to €1,179m (after dividend) as of 30 June 2019 (€1,170 as of 31 December 2018),
EPRA NAV per share at €2.44 (PLN 10.37)
- Solid financial metrics
- LTV at 46% (45% as of 31 December 2018)
- WAIR at historic low of 2.6% (2.7% as of 31 December 2018)
- Dividend of PLN 0.37/share paid; dividend yield of 4.3%
- €38m distributed in the form of cash dividend
- Issue of 2,018,126 Series N shares
H1 2019 PORTFOLIO HIGHLIGHTS
- High occupancy at 94% (93% as of 30 June 2018)
- 81,100 sq m of newly leased or released space
- Completion of three properties:
- Ada Mall, a 34,200 sq m shopping mall in Belgrade
- Green Heart N2, a 6,100 sq m office building in Belgrade
- ABC I, a 15,800 sq m office building in Sofia
- Commencement of construction of Pillar, a 29,000 sq m office building in Budapest
- 6 office properties under construction. Upon completion and stabilization, they shall increase the in-place rent by almost €16.7m
“Robust development activity was the driving force for our growth in the first half of 2019. The delivery of Ada Mall with 34,200 sq. m GLA prime retail in Belgrade was the pinnacle of the discussed period. Completions of office buildings combined with very high occupancy contributed to 28% increase in FFO and improved operating results.” – commented Thomas Kurzmann, GTC’s CEO.
“With 86,600 sq. m GLA of office space under construction, and 23,800 sq. m GLA to be delivered this year, GTC’s growth is set to continue” – added GTC’s CEO.
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