9M 2023 FINANCIAL HIGHLIGHTS
- Revenues from rental activity up 7% to €135m in 9M 2023 (€126m in 9M 2022); Like-for-like rental revenue growth of 6%
- Gross margin from rental activityup to €95m in 9M 2023 (€92m in 9M 2022)
- FFO Iat €52m in 9M 2023 (€54m in 9M 2022), FFO per share at €0.09; FFO adjusted for one-off administrative expenses of €56m
- EPRA NTA at €1,223m as of 30 September 2023 (€1,273m as of 31 December 2022)
EPRA NTA per share at €2.13 (PLN 9.87)
- Net LTVat 47.3%[1] (44.5%[2] as of 31 December 2022)
- Strong cash position of €91m
9M 2023 PORTFOLIO HIGHLIGHTS
- Occupancy at 87% as of 30 September 2023 (87% as of 31 December 2022)
- Leasingactivity reached 98,300 sq m in 9M 2023 (106,600 sq m in 9M 2022) and 29,800 sq m in Q3 2023 (36,500 sq m in Q3 2022)
- Average weighted lease term at 3.4 yrs.
- 89% of real estate portfolio is recurring income-producing
- 65% of recurring income-producing portfolio is office
- 91% of assets green certified
- Proceeds from successful disposal ofForest Offices Debrecen reinvested into real estate
“Our results are reflecting current market situation in our markets. Increasing interest rate lead to drop in the property valuation which resulted in increased LTV and a decrease in EPRA NTA. Dividend payment, development activity and capex needs resulted in higher than in previous quarters cash outflows, however the Company’s cash remains at satisfactory levels. FFO was impacted by one-off administrative expenses of EUR 4 million, excluding this one-off cost item FFO would show a positive development. Leasing activity remains high and through our pipeline we strongly believe that will remain strong in next quarters.”commented Gyula Nagy, GTC’s President of the Management Board.
"We started our post as the Management Board members from a thorough review of the current GTC’s financial position and the real estate portfolio. We evaluated GTC’s prospects and were able to formulate a strategy for coming years. After in-depth analysis we decided to withdraw from negotiations to acquire Ultima Capital and focus our efforts and resources on GTC’s existing portfolio and development pipeline. We would like GTC to focus on its core real estate sectors: office and retail in its core markets and improve operations of the existing portfolio. We would selectively develop properties from our landbank based on their merits. We would like to invest in renewables in our core markets. We would like to check the possibility in the broad living sector in GTC’s core markets but also look at the other more advanced markets where market opportunities may arise. Last, but not least, we will be consolidating funds, switching slowly to secured financing, for the bonds repayment in 2026.”– added Gyula Nagy.
1cIncludes non-current financial assets;
2cIncludes non-current financial assets and adjusted for disposal of Forest Offices Debrecen, concluded on 30 January 2023
