FFO I INCREASED 37% TO €46M

9M FINANCIAL HIGHLIGHTS

  • In-place rent went up 15% to €127m
    • 11 quarters of continuous increase, cumulative increase in excess of 60% since Q4 2015
  • Gross margin from rental activity up by 27% to €83m
  • Occupancy kept high at 93%
    • 117,000 sq. m of newly leased space (32,000 sq. m in Q3’18)
  • FFO I increased 37% to €46m
    • 11 quarters of continuous increase, cumulative increase in excess of 60% (annualized)
      since Q4 2015
  • Operating profit: 57% increase in profit before tax and fair value adjustments to €48m
  • Profit after tax at €69m, earnings per share of €0.14
  • EPRA NAV increased 7% to €1,145m as at 30 September 2018, EPRA NAV per share at €2.37m
    • 11 quarters of continuous increase, cumulative increase of 47% since Q4 2015
  • Net LTV at 45%
  • Securing investment loans in the amount of €316 m

Q3 PORTFOLIO HIGHLIGHTS

  • Acquisition in Budapest designated for development of 35,500 sq. m office building Center Point 3
  • Commencement of construction of 17,900 sq. m office building Advance Business Center II in Sofia
  • Gold LEED Certificate for Galeria Północna
  • Additional anchor tenants in Galeria Północna: Mango and Media Expert
  • Galeria Jurajska 100% leased

GTC is gaining further momentum and delivers strong results quarter by quarter. Our in-place rent increased by 15% triggered by acquisitions and completions of developments supported by our strong leasing teams signing over 117,000 sq. m office and retail lease agreements in the last 9 months.

All our financial indicators are improving over the last years in a row. We achieved over 60% cumulative increase in in-place rent and FFO since Q4 2015 and GTC’s EPRA NAV increased by almost 50% since then – said Thomas Kurzmann, GTC’s CEO. We are looking forward to see completions of several developments with over 84,000 sq. m during 2019 contributing further to solid growth.

2018_Q3_GTC_Financial Results_Press release

2018_Q3_GTC_Wyniki Finansowe_Informacja prasowa

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