Q1 2025 FINANCIAL HIGHLIGHTS
- Revenues from rental activity up 9% to €49.8m (€45.7m in Q1 2024)
- Gross margin from rental activity at €32.3m (€32.2m in Q1 2024)
- FFO I at €12.4m (€18.6m in Q1 2024), FFO per share at €0.02
- EPRA NTA at €1,281.0m as of 31 March 2025 (€1,283.9m as of 31 December 2024)
- EPRA NTA per share at €2.23 (PLN 9.62)
- Net LTV at 52.1%¹ (52.7%¹ as of 31 December 2024); Net LTV adjusted for cash on escrow accounts at 51.4%
- Cash of €63.1m, cash on the escrow accounts of €19.9m and deposits of €45m
Q1 2025 PORTFOLIO HIGHLIGHTS
- Leasing activity in the commercial sector reached almost 26,000 sqm (19,000 sqm in Q1 2024)
- Occupancy at 86% (unchanged from the end of 2024²)
- Average weighted lease term at 3.6 yrs (retail) and 3.7 yrs (office)
- The successful amendment and restatement of the €100m refinancing agreement for Galeria Jurajska, now effective following the fulfillment of all conditions precedent, extends the loan’s maturity to 2030
- Strengthened liquidity through the completed sales of Matrix C in Zagreb, GTC X in Belgrade, and a prime land plot in Warsaw’s Wilanów district. Additional transactions are underway, including the planned disposals of the Artico office building in Warsaw and a land plot in Katowice
“In Q1 2025, we remained firmly aligned with our strategic goals, continuing to diversify our portfolio through expansion into Western European markets and strengthening our financial position by securing rental revenues growth, divesting selected assets, and successfully extending loan maturities. We are also closely monitoring opportunities in the debt capital markets. Following last year’s entry into the German residential rental market, we are now conducting a thorough analysis of this portfolio to fully unlock its potential. Meanwhile, in Central and Eastern Europe, we recorded strong leasing activity in Q1, reflecting continued tenant demand for our properties. The Group remains well-positioned to seize all growth opportunities we identify,” – Małgorzata Czaplicka, GTC’s President of the Management Board.
