2022 FINANCIAL HIGHLIGHTS
- Rental revenues at €167m in 2022 (€172m in 2021);
- Gross margin from rental activity at €119m in 2022 (€128m in 2021)
- FFO I at €68m in 2022 (€74m in 2021), FFO per share at €0.12;
- EPRA NTA at €1,273m as of 31 December 2022 (€1,272m as of 31 December 2021) EPRA NTA per share at €2.22 (PLN 10.40)
- Net LTV at 44.5%¹ (42.0%² as of 31 December 2021)
- Occupancy at 88% as of 31 December 2022 (90% as of 31 December 2021);
- Strong cash position of €115m and available undrawn credit facilities in the amount of €94m
- 2022 EPRA Sustainability Best Practices Recommendations Silver Award
2022 PORTFOLIO HIGHLIGHTS
- Occupancy at 88% as of 31 December 2022 (90% as of 31 December 2021
- Office leasing activity reached 110,600 sq m in 2022 (117,000 sq m in 2021)
- Retail leasing activity reached 35,300 sq m in 2022 (46,600 sq m in 2021)
- Average weighted lease term at 3.7 yrs.
- 87% of assets green certified, 13% under certification process
- Completion of 3 office buildings offering 54,600 sq m with €10.8m p.a. of stabilised in-place rent
- Disposals:
- Serbian office building portfolio in January 2022
- Cascade office building in July 2022
- Matrix A and B: in November 2022
- Forest Offices Debrecen: closing in January 2023
- Commencement of construction of Matrix C, Class A office building in Zagreb (10,500 sq m GLA) and Center Point 3, Class A office building in Budapest (36,000 sq m GLA)
“Following changes in the office market expedited by the Covid-19 outbreak and introduction of hybrid work, 2022 was marked with an expansion of our strategy into new market segments and new geographies. GTC invested in a technology hub, which provides diversification of our business and gives a great opportunity for value creation. We will be looking for opportunities in the broad real estate sector to further diversify our revenue streams and strengthen the company. We completed 2022 with a portfolio reshuffled towards higher rated countries, confirmed Investment Grade rating and strong cash position. We are well equipped for the years to come, both to maintain our current real estate portfolio and further grow the business.” – commented Zoltán Fekete, GTC’s President of the Management Board.
[1] Includes non-current financial assets and adjusted for disposal of Forest Offices Debrecen, concluded on 30 January 2023
