2024 FINANCIAL HIGHLIGHTS
- Revenues from rental activity up 2% to €188m in 2024 (€183m in 2023)
- Gross margin from rental activity up to €131m in 2024 (€128m in 2023)
- FFO I at €71m in 2024 (same as in 2023), FFO per share at €0.12
- EPRA NTA at €1,284m as of 31 December 2024 (€1,232m as of 31 December 2023); EPRA NTA per share at €2.24 (PLN 9.55)
- Net LTV at 52.7%¹ (49.3%¹ as of 31 December 2023); Net LTV adjusted for cash on escrow accounts at 52.4%; Net LTV excl. German residential portfolio at 47.2%¹; Net LTV excl. German residential portfolio adjusted for cash on escrow accounts at 46.8%
- Cash of €55m³; cash on the escrow accounts of €10m 2024
PORTFOLIO HIGHLIGHTS
- Diversification of the portfolio through a successful entry into the German market by acquiring a portfolio of 5,169 existing rental apartments in Kaiserslautern, Helmstedt, and Heidenheim, as well as purchasing a development project in the senior living segment in Berlin.
- Occupancy in the commercial sector at 86%² as of 31 December 2024 (87% of 31 December 2023)
- Leasing activity in the commercial sector reached 159,300 sqm in 2024 (144,200 sqm in 2023)
- Average weighted lease term at 3.7 yrs (retail) and 3.8 yrs (office)
- Strengthening the cash position through the completion of disposals of non-core assets or those that have reached their peak value, including the sale of the office buildings in Zagreb and Belgrade; the sale of a land plot in Warsaw’s Wilanów district; and the completion of the disposal of the Lanchid revitalization project in Budapest.
“2024 demonstrated further signs of market stabilization, enabling GTC to take a historic, strategic step forward. This step was the expansion into Western European markets. Entering the German residential market is an achievement that elevates our operations to an entirely new level – geographically and across sectors – placing us among a select group of highly diversified real estate companies present in both emerging and developed markets with higher ratings. Throughout 2024, we also actively worked to strengthen our existing commercial portfolio, which resulted in consistently high occupancy levels and solid revenue growth. Thanks to our ongoing efforts to build strong relationships with tenants, GTC’s properties remain highly attractive destinations for work, shopping, entertainment, and now also living” –Gyula Nagy, GTC’s President of the Management Board.
