2023 FINANCIAL HIGHLIGHTS
- Revenues from rental activity up 10% to €183m in 2023 (€167m in 2022); Like-for-like rental revenue growth of 10%
- Gross margin from rental activity up 8% to €128m in 2023 (€119m in 2022)
- FFO I at €71m in 2023 (€68m in 2022), FFO per share at €0.12; FFO is adjusted for one-off tax and other expenses of €6m
- EPRA NTA at €1,232m as of 31 December 2023 (€1,273m as of 31 December 2022) EPRA NTA per share at €2.15 (PLN 9.33)
- Net LTV at 49.3% (44.5% as of 31 December 2022); Net LTV adjusted for cash transferred to the escrow accounts at 47.2% (see below)
- Cash of €60m and €108m including cash transferred to the escrow account designated for acquisition of the GTC bonds of €29.5m as well as escrow accounts designated for construction activity of €19.4m.
2023 PORTFOLIO HIGHLIGHTS
- Occupancy at 87% as of 31 December 2023 (87% as of 31 December 2022
- Leasing activity reached 144,200 sq m in 2023 (154,500 sq m in 2022) and 45,800 sq m in Q4 2023 (39,300 sq m in Q4 2022)
- Average weighted lease term at 3.5 yrs.
- 88% of real estate portfolio is recurring income-producing
- 65% of recurring income-producing portfolio is office
- 92% of assets green certified
- Proceeds from successful disposal of Forest Offices Debrecen reinvested into development of real estate assets.
