2016 HIGHLIGHTS

  • Total investment of €255m (including €162m of acquisitions)
  • Revaluation gain of €85m (€26m in 2015) driven by projects under construction includes also modest 3% revaluation gain on income generating properties on improved performance
  • EPRA NAV increased to €897m (€779m as of 31 December 2015)
  • EPRA NAV / share increased 20% to PLN 8.62 from PLN 7.21 as of 31 December 2015
  • Gross margin from rental activity increased by 10% to €86m (€79m in 2015)
  • 13% FFO I improvement to €43m (€38m in 2015)
  • FFO I / share at PLN 0.39 (PLN 0.38[1] in 2015) and FFO I yield of 5%
  • Profit after tax at €160m (€44m in 2015)
  • Earnings per share up by 183% to €0.34 (€0.12 in 2015)

[1] Based on GTC’s 59% share in FFO I of City Gate to present GTC’s fair economical interest in generated funds from operations

PORTFOLIO UPDATE

  • Acquisition of income generating assets of €140m and land for development of €22m (total acquisitions in 2015 of €53m)
  • Investment in assets under construction of €93m (€34m in 2015)
  • 23% growth in total property value to €1,624m (€1,324m as of 31 December 2015)
  • 20% growth in income generating portfolio to €1,261m (€1,052m as of 31 December 2015)
  • 139,000 sq. m NLA under construction in five projects with over 83,000 sq. m to be completed in 2017
  • 181,000 sq. m NLA in planning stage
  • 144,000 sq. m of new lettings and lease renewals for office and retail space in 2016
  • Occupancy rate at 94%

GTC delivered solid results in 2016, several value accretive acquisitions and completions of office projects contributed significant to NAV and NOI growth. We will deliver a strong performance over the next years to come as our income-generating portfolio will expand and boost rent income through further accretive acquisitions and completion of development projects. Over 139,000 sq. m GLA of retail and office space under construction and an additional 181,000 sq. m at planning stages supported by a strong cash position are the ingredients of a substantial NAV growth to come.”– Thomas Kurzmann, GTC’s CEO said.

“Thanks to the growth achieved in 2016, the board recommended dividend distribution from 2016 profits of PLN 0.27 per share. Recognizing profit distribution to shareholders as one of management’s goals, we are committed to execute appropriate, performance-based dividend payments, whilst continuing to pursue our NAV and FFO I growth strategy. The dividend policy is therefore guided by our cash resources, planned investment and expected FFO I growth.”commented Erez Boniel, GTC’s CFO.

We are confident that we will generate a double-digit dividend and NAV growth in years to come as we deliver on our total return investment strategy.”– added Thomas Kurzmann.

2016_Q4_Financial Results_Press release

2016_Q4_Wyniki_Informacja prasowa

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

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