Q1 2019 FINANCIAL HIGHLIGHTS

  • In-place rent increased by 15% to €131m (114m as of 31 March 2018)
  • Gross margin from rental activity up by 10% to €30m (€27 in Q1 2018)
  • FFO I increased 16% to €18m (€15m in Q1 2018), FFO per share at €0.04
  • Operating profit: 12% increase in profit before tax and fair value adjustments to €18m (€16m in Q1 2018)
  • Profit after tax of €20m (€24m in Q1 2018), earnings per share of €0.04
  • EPRA NAV up by 2% to €1,192m as of 31 March 2019 (€1,170 as of 31 December 2018), EPRA NAV per share at €2.47 (PLN 10.62)
  • Solid financial metrics
    • LTV at 45% (45% as of 31 December 2018)
    • WAIR at historic low of 2.6% (2.7% as of 31 December 2018)

Q1 2019 PORTFOLIO HIGHLIGHTS

  • Occupancy up to 95% (94% as of 31 December 2018, 93% as of 31 March 2018)
    • The highest since end of 2009
    • 45,600 sq m of newly leased or released space (34% more than in Q1 2018)
  • Construction of 7 office and one retail properties (113,200 sq m) commenced in 2018 and will be completed in 2019-2020. One more project to commence in Q2 2019. Upon completion and stabilization they shall increase the in-place rent by almost €31m
  • Another 6 properties may commence construction during 2019-2020

While delivering operational and financial results according to plan, the most exciting events with significant impact on GTC’s performance are about to happen in the following quarters: opening of Ada Mall in Belgrade still this month and completion of four additional class A office buildings during summer and autumn will further boost our results. – commented Thomas Kurzmann, CEO. Strong demand for modern high class office space is the key driver for moving ahead with our new developments and preparing them for the start of construction process to secure further growth of the Company.  – added Thomas Kurzmann.

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