Globe Trade Centre S A : Favourable first quarter performance leads to improved key metrics, Fitch confirms BB+ rating

Q1 2024 FINANCIAL HIGHLIGHTS

• Revenues from rental activity up 7% to €46m in Q1 2024 (€43m in Q1 2023); Like-for-like rental revenue growth of 7%
• Gross margin from rental activity up 9% to €32m in Q1 2024 (€30m in Q1 2023)
• FFO I at €19m in Q1 2024 (€16m in Q1 2023), FFO per share at €0.03
• EPRA NTA at €1,247m as of 31 March 2024 (€1,232m as of 31 December 2023), EPRA NTA per share at €2.17 (PLN 9.34) Net LTV at 48.1%[1] (49.3%¹ as of 31 December 2023);
• Net LTV adjusted for cash on escrow accounts at 47.0%
• Cash of €122m; cash on the escrow accounts of €27m.

Q1 2024 PORTFOLIO HIGHLIGHTS

• Occupancy at 86% as of 31 March 2024 (87% as of 31 December 2023)
• Leasing activity reached 19,000 sq m in Q1 2024 (24,300 sq m in Q1 2023)
• Average weighted lease term at 3.4 yrs.
• 87% of real estate portfolio is recurring income-producing
• 65% of recurring income-producing portfolio is office
• 92% of assets green certified

Full press release here

[1]Includes non-current financial assets