Rent indexation shall provide for further FFO increase, while low interest cost and improved maturity profile offer downside protection, says GTC.
Q1-Q3 2022 financial highlights
Q1-Q3 2022 portfolio highlights
“We have a very solid, well-performing property portfolio, with retail assets outperforming the market. Rent indexation embedded in our EUR-denominated rental rates shall allow for further FFO increase in 2023 and in case of any shift in the yields shall offset the potential impact on values. We believe that green credentials and rent indexation offer a silver lining while we are traded at P/Bs of 0.6-0.7x and an FFO yield of around 8%, our share is not expensive”, commented Zoltán Fekete, GTC’s President of the Management Board.
“Following last year’s refinancing, we have been able to significantly decrease our cost of financing and improve the maturity profile of our debt - we do not have any significant near-term maturities. 95% of our debt based on the fixed interest rate or hedged and average debt maturity is 4.5 years, which combined with strong cash position shows the strength of our balance sheet”, says Ariel Ferstman, GTC’s CFO and Member of the Management Board.
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