GTC presents a strong balance sheet at the end of March 2020. Impact of COVID-19 outbreak visible in the operations


  • Annual in-place rent went up 11% to €145.4m (€130.6m in Q1 2019)
  • Gross margin from rental activity up by 1% to €30m
  • Occupancy kept high at 95%
  • FFO I increased 3% to €18.3m, FFO per share at €0.04
  • Operating profit: profit before tax and fair value adjustments of €13m
  • Profit after tax of €3m, earnings per share of €0.01
  • EPRA NAV up by 1% to €1,208m as at 31 March 2020, EPRA NAV per share at €2.49 (PLN 11.33 at EUR/PLN 4.55)
  • Solid financial metrics
    • LTV at 44% (44% as of 31 December 2019)
    • WAIR at historic low of 2.6% (2.6% as of 31 December 2019)
  • Cash and cash equivalents amounted to €196.6m as of 31 March 2020



  • High occupancy kept high at 95%
    • 19,000 sq m of newly leased or released space
  • Completion of high quality office and retail space:
    • Green Heart (N3), Belgrade
  • 3 office buildings under construction to bring €11.1m rent upon completion and stabilization:
    • Matrix B
    • Advance business Center II
    • Pillar

“Our operations were significantly tested during the last few months when COVID-19 outbreak started in Europe. We closed all our shopping malls for part of March, April and part of May. In order to ensure continuation of operations in our shopping centers, we support our tenants after the re-opening of the shops. That will have a negative impact on both our operations and value of properties which, as we announced earlier, felt by 2.7% recently, which resulted in the lack of compliance with certain financial covenants included in the retail assets loan agreements as of 30 June 2020. We managed to waive the covenants until June 2021 in case of Galeria Jurajska and Ada Mall loans and we entered into the negotiations with the lender of Galeria Północna. However, when we look at the statistics of the shopping malls after the re-opening, they seem to be encouraging.” – commented Yovav Carmi, GTC’s Management Board Member.

We recommend to the AGM to retain profit from 2019 in the Company to fight the consequences of COVID-19 outbreak but also to be prepared for further development or acquisition activity which will be dependent on the market conditions.” – added Yovav Carmi.


2020_Q1_GTC_Financial Results_Press release