H1 2023 FINANCIAL HIGHLIGHTS
- Rental and service revenues at €90m in H1 2023 (€85m in H1 2022); Like-for-like rental revenue growth of 8%
- Gross margin from rental activity at €63m in H1 2023 (€62m in H1 2022)
- FFO I improved by 4% to €35m in H1 2023 (€34m in H1 2022), FFO per share at €0.06
- EPRA NTA at €1,205m as of 30 June 2023 (€1,273m as of 31 December 2022) reflecting changes in the valuation of real properties and derivative instruments EPRA NTA per share at €2.10 (PLN 9.34)
- Net LTV at 46.8%[1] (44.5%[2] as of 31 December 2022)
- Strong balance sheet with €120m of cash and €94m undrawn credit facility
H1 2023 PORTFOLIO HIGHLIGHTS
- Occupancy at 87% as of 30 June 2023 (87% as of 31 December 2022)
- Office leasing activity reached 55,500 sq m in H1 2023 (49,400 sq m in H1 2022) and 34,800 sq m in Q2 2023 (23,800 sq m in Q2 2022)
- Retail leasing activity reached 13,000 sq m in H1 2023 (20,700 sq m in H1 2022) and 9,500 sq m in Q2 2023 (11,900 sq m in Q2 2022)
- Average weighted lease term at 3.6 yrs.
- 89% of assets green certified or under recertification process
- Proceeds from successful disposal of Forest Offices Debrecen reinvested into real estate
“8% like-for-like rental income growth and 4% FFO I growth fueled by rent indexation was tempered by inflated service costs restraining gross margin. With reduced demand for office across our core markets and yield expansion putting pressure on value, we will continue to pursue uncorrelated opportunities across Europe to further diversify our business. In this way we can leverage our strong foundations to deliver sustainable and stable returns” – commented Zoltán Fekete, GTC’s President of the Management Board.
[1] Includes non-current financial assets;
[2] Includes non-current financial assets and adjusted for disposal of Forest Offices Debrecen, concluded on 30 January 2023
