9M 2016 Highlights
– NOI increased by 10% to €65m (€59m in 9M 2015).
– Revaluation gain of €39m (loss of €2m in 9M 2015) mainly driven by ongoing projects under construction.
– Profit after tax of €107m (€17m in 9M 2015), positively impacted by successful merger of GTC SA with its Dutch entities.
– 14% FFO improvement to €33m (€29m in 9M 2015).
– €175m of new project financing raised.
– EPRA NAV increased by 8% to €837m (€779m as of 31 December 2015), corresponding to an EPRA NAV per share of € 1.82 [PLN 7.85] (€1.69 [PLN 7.29] as of 31 December 2015).
Portfolio Update
– Total property value of €1,544m as of 30 September 2016 (€1,324m as of 31 December 2015).
– 16% growth in income generating portfolio to €1,222m (€1,052m as of 31 December 2015).
– Total investment volume of €221m (thereof €152m of acquisitions).
– Disposal of non-core standing assets successfully executed; ongoing land bank disposal; total sales of €29m in 9M 2016.
– 106,000 sq. m NLA under construction in four projects with over 82,000 sq. m to be completed in 2017.
– 160,000 sq. m in planning stage and another 39,000 sq. m in pre-planning stage.
– 94,000 sq. m of new lettings and lease renewals for office and retail space.
– Stable occupancy rate at 91%.
“We are very pleased to report solid results for Q3 2016. Several new acquisitions of value accretive office buildings over the last 9 months have contributed to our NOI and will further boost results in the quarters to come. GTC has over 106,000 sq. m of office and retail GLA under construction. These projects will contribute significantly to the NAV growth in 2017. Additional 200,000 sq. m of retail and office developments at the planning stage, guarantee further growth over the next 3 years to come. With our strong cash position, we are ready for more acquisitions within our target markets.” – Thomas Kurzmann, GTC’s CEO said.
“We completed the disposal of non-core assets with negative cash flow stabilizing our asset base. A major simplification in the structure of our non-Polish holding structure combined with refinancing activities further decreasing interest cost increase significant the efficiency and profitability of our operations.” – commented Erez Boniel, GTC’s CFO.
Read more here: GTC Q32015 Financial Results
