H1 2019 FINANCIAL HIGHLIGHTS

  • In-place rent increased 14% to €142m (€125m as of 30 June 2018)
  • Gross margin from rental activity up by 13% to €61m (€54 in H1 2018)
  • FFO I increased 28% to €37m (€29m in H1 2018), FFO per share at €0.08
  • Operating profit: 17% increase in profit before tax and fair value adjustments to €37m (€32m in H1 2018)
  • Profit after tax of €43m (€46m in H1 2018), earnings per share of €0.09
  • EPRA NAV up by 1% to €1,179m (after dividend) as of 30 June 2019 (€1,170 as of 31 December 2018),
    EPRA NAV per share at €2.44 (PLN 10.37)
  • Solid financial metrics
    • LTV at 46% (45% as of 31 December 2018)
    • WAIR at historic low of 2.6% (2.7% as of 31 December 2018)
  • Dividend of PLN 0.37/share paid; dividend yield of 4.3%
    • €38m distributed in the form of cash dividend
    • Issue of 2,018,126 Series N shares

H1 2019 PORTFOLIO HIGHLIGHTS

  • High occupancy at 94% (93% as of 30 June 2018)
    • 81,100 sq m of newly leased or released space
  • Completion of three properties:
    • Ada Mall, a 34,200 sq m shopping mall in Belgrade
    • Green Heart N2, a 6,100 sq m office building in Belgrade
    • ABC I, a 15,800 sq m office building in Sofia
  • Commencement of construction of Pillar, a 29,000 sq m office building in Budapest
  • 6 office properties under construction. Upon completion and stabilization, they shall increase the in-place rent by almost €16.7m

“Robust development activity was the driving force for our growth in the first half of 2019. The delivery of Ada Mall with 34,200 sq. m GLA prime retail in Belgrade was the pinnacle of the discussed period. Completions of office buildings combined with very high occupancy contributed to 28% increase in FFO and improved operating results.” – commented Thomas Kurzmann, GTC’s CEO.

“With 86,600 sq. m GLA of office space under construction, and 23,800 sq. m GLA to be delivered this year, GTC’s growth is set to continue” – added GTC’s CEO.

2019_H1_GTC_Financial Results_Press release

Globe Trade Centre S.A.

KOR 45A, 02-146 Warsaw NIP: 527-00-25-113 T: +48 22 16 60 700 www.gtc.com.pl

GTC countries Bulgaria Croatia Hungary Poland Romania Serbia

Download GTC Logo

© 2019 Globe Trade Centre made by Esencja Studio