Q1 2023 FINANCIAL HIGHLIGHTS
- Revenues from rental activity at €43m in Q1 2023 (€42m in Q1 2022)
- Gross margin from rental activity at €30m in Q1 2023 (€30m in Q1 2022)
- FFO I at €16m in Q1 2023 (€16m in Q1 2022), FFO per share at €0.03
- EPRA NTA at €1,276m as of 31 March 2023 (€1,273m as of 31 December 2022) EPRA NTA per share at €2.22 (PLN 10.39)
- Net LTV at 45.2%¹ as of 31 March 2023 (44.5%[2] as of 31 December 2022)
- Strong cash position of €147m as of 31 March 2023 and available undrawn credit facility in the amount of €94m
Q1 2023 PORTFOLIO HIGHLIGHTS
- Occupancy at 87% as of 31 March 2023 (88%[1] as of 31 December 2022)
- Office leasing activity reached 20,700 sq m in Q1 2023 (25,600 sq m in Q1 2022)
- Retail leasing activity reached 3,500 sq m in Q1 2023 (8,800 sq m in Q1 2022)
- Average weighted lease term at 3.6 yrs.
- 86% of assets green certified, 13% under certification process
- Disposal of Forest Offices Debrecen closed in January 2023
Corporate news
- GTC recommends to the AGM to keep the profit for 2023 in the Company to finance capital expenditures and investments that may provide measurable benefits to the shareholders
- GTC management will seek authorization for a shares buy back: for up to 15% of the share capital, i.e.
- 86,138,268 shares
- price range between PLN 5 to PLN 7
- valid until 30 June 2024
"We are observing the markets closely and constantly looking for opportunities to grow our business adjusting it to changing environment and market trends. We recommended to the Shareholders Meeting to keep the profits in the Company to fund future investments and capital expenditures to prepare our properties for increasing tenants’ demand, especially in the field of sustainability. In parallel we are also seeking authorization of the shares buy back as an alternative way to return capital investment to shareholders. With such a flexibility granted the Company will be able to react to dynamically changing market conditions and manage its future financial position.” - commented Zoltán Fekete, GTC’s President of the Management Board.
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[1] Includes asset held for sale. [2] Includes non-current financial assets and adjusted for disposal of Forest Offices Debrecen, concluded on 30 January 2023;
