May 18, 2017

GTC: Strong performance proves value creation for shareholders

GTC: Strong performance proves value creation for shareholders

Regional real estate investor and developer GTC has announced its first quarter results. Highlights include: Development profit of EUR 24 million driven by projects under construction and assets for sale; Profit after tax at EUR 32 million (EUR 16 million in Q1 2016); Earnings per share up by 96 percent to EUR 0.07 (EUR 0.04 in Q1 2016); EPRA NAV increased to EUR 933 million (EUR 897 million as of 31 December 2016); EPRA NAV / share increased 4 percent to EUR 2.03 as of 31 March 2017 from EUR 1.95 as of 31 December 2016; Gross margin from rental activity increased by 6 percent to €22 million in Q1 2017 (EUR 21 million in Q1 2016); 18 percent FFO I improvement to EUR 12 million (EUR 10 million in Q1 2016), and FFO I / share at EUR 0.026 (EUR 0.022 in Q1 2016).

Thomas Kurzmann, GTC’s CEO, said: "GTC delivered strong per share performance which already proves solid value creation for our shareholders. Our high quality assets with sustainable high occupancy rates generate recurring income, which combined with our development pipeline and accretive acquisition opportunities provide a solid total return. Our development pipeline includes over 154,000 sqm GLA under construction in such great projects as Galeria Pó┼énocna, White House or Ada Mall as well as over 156,000 sqm GLA at the planning stage, which will further unlock significant embedded value.”

“The results of the first quarter reflect the momentum of the current development and investment activity,” commented Erez Boniel, GTC’s CFO. “It reconfirms our Total Return proposition as well as our target to generate a double-digit dividend and NAV growth in years to come.”

“With the disposal of Galleria Burgas and Galleria Stara Zagora, we fully focus our portfolio on Poland and the capital cities in the CEE and SEE region. We plan to reinvest the proceeds from this disposal into Sofia’s growing office market,” added Thomas Kurzmann.

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