H1 2022 FINANCIAL HIGHLIGHTS
- Rental revenues up to €84m in H1 2022 (€79m in H1 2021)
- Gross margin from rental activity up to €62m in H1 2022 (€59m in H1 2021)
- Adjusted EBITDA up to €53m in H1 2022 (€52m in H1 2021)
- FFO I at €34m in H1 2022 (€31m in H1 2021), FFO per share at €0.06
- EPRA NTA at €1,326m as of 30 June 2022, EPRA NTA per share at €2.31 (PLN 10.81)
- Net LTV at 42%
- Strong cash position of €250m [1] and available credit facilities in the amount of €94m
H1 2022 PORTFOLIO HIGHLIGHTS
- Disposal of Cascade office building in July 2022
- SPA signed for sale of Forest Offices Debrecen at book value
- SPA signed for sale of Matrix A and B, 7% above book value
- Disposal of Serbian office buildings for €268m (above the book value) completed in January 2022
- Completion of Pillar, Class A office building in Budapest (29,100 sq m GLA)
- Commencement of Matrix C, Class A office building in Zagreb (10,500 sq m GLA)
- Occupancy at 89.4% [2] as of 30 June 2022 (90% as of 31 December 2021)
- 88% of assets green certified, 11% under certification process
“We are a company with almost 30 years of experience in real estate. Our underlying business is strong and generates steady cash flow which allows for strategy expansion and new investments. As part of our strategy expansion, we are primarily considering investment in technology parks, renewable energy facilities, and development of PRS assets. We expect returns from such investments at a similar or higher level than the returns on the core business. We want the new investments to involve sectors with sustainable growth and come from the market segments that should be resilient to turbulent market conditions and will improve GTC’s ESG profile.”– commented Zoltán Fekete, GTC’s President of the Management Board.
“The H1 2022 results are very strong. Our retail sector is on its best, with significant improvements on both last quarter but also 2019 operating results, with a strong increase, on both revenue side but what is more important on the performance side. Our balance sheet and cash position are very strong. Net debt stays virtually unchanged, LTV at 42% and cost of debt still at an all-time low of 2.16%. We are very satisfied with our results and looking forward to the new investments and opportunities.”– commented Ariel Ferstman, GTC’s CFO and Member of the Management Board.
[1] Includes cash related to assets held for sale
[2] Includes assets held for sale, excludes Center Point I and II which is currently under re-development
