GTC reported rental revenues of €152 million in the first nine months of 2025, up 9% from €139 million in the same period of 2024. The increase followed the acquisition of a residential portfolio in Germany, which contributed €18 million, partially offset by a €4 million decrease after the sale of the GTC X and Matrix C properties.
Cash flow from operating activities remained stable at €77 million compared to €76 million in 9M 2024. However, Funds From Operations (FFO I) declined to €28 million from €55 million in the previous year, primarily due to higher financing costs following the German portfolio consolidation. The weighted average interest rate increased to 3.76% from 2.89% in September 2024.
"The results for 9M 2025 show both resilience in our core operations and the areas where we must accelerate our efforts to deleverage and reduce increased finance costs," said Botond Rencz, CEO of GTC. The company successfully issued €455 million in new bonds to refinance €494 million notes maturing in 2026, extending the maturity profile to October 2030.
GTC recorded a €45 million revaluation loss on investment properties, compared to a €6 million loss in 9M 2024. This was primarily due to the final settlement of the German portfolio acquisition option and writedowns of Hungarian assets. Net LTV stood at 53.1%, up from 48.8% in September 2024.
The company leased nearly 98,000 sqm of commercial space during the nine-month period, maintaining an occupancy rate of 85%. GTC also completed asset sales totalling €18 million in Q3, including land plots in Warsaw, Katowice and Bucharest, supporting the group's liquidity position.
