9M 2019 FINANCIAL HIGHLIGHTS
- In-place rent increased to €144m; like-for-like in-place rent increased by €4.1m and new assets contributed €16.5m
- Gross margin from rental activity up by 13% to €94m (€83 in 9M 2018)
- FFO I increased 11% to €52m (€46m in 9M 2018), FFO per share at €0.11
- Operating profit: 10% increase in profit before tax and fair value adjustments to €53m (€48m in 9M 2018)
- Profit after tax of €63m in 9M 2019 (€69m in 9M 2018)
- Earnings per share of €0.13 m in 9M 2019
- Solid financial metrics
- LTV at 44% (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
Q3 2019 PORTFOLIO HIGHLIGHTS
- High occupancy was maintained at 94% (94% as of 31 December 2018)
- 123,600 sq m leased or released space in Q3 2019; 204,700 sq m in 9M 2019
- Completion of two properties:
- Green Heart N1, a 13,100 sq m Class A office building in Belgrade
- Matrix A, a 10,800 sq m Class A office building in Sofia
- Disposal of GTC White House, a 21,600 sq m Class A office building in Budapest
- Commencement of construction and full lease up of Pillar, a 29,000 sq m Class A office building in Budapest
- 4 office buildings under construction to bring €12.2m rent upon completion and stabilization.
“Our offer in completed and constantly upgraded buildings as well as our developments under construction meet strong and continues demand for office and retail space in all our countries of operation. We were ahead of market trends and created a perfect match in terms of quality, pricing and locations that appeals to high expectations tenants. Our strategy of bringing early enough the right modern and energy efficient buildings to CEE capitals like Budapest has been proven successful in terms of rental rates growth and yield compression. We believe more value creation in the CEE and SEE capitals is still ahead of us.” – commented Thomas Kurzmann, GTC’s CEO.
“We capitalize on perfect locations and high quality of new developments as well as great asset management and improved energy efficiency status of existing buildings, this will further contribute to value and FFO growth.” – added GTC’s CEO.