ARTICLES LABELLED WITH TAG financial report

GTC’s rental income suffered a €2 million decrease due to rent and service charge relief imposed by governments during the lockdown of shopping malls. Still, total rental and service charge revenues increased to €41 million in Q1 2020 from €39 million in Q1 2019. GTC presented its financial results at the end of Q1 2020.

In Q1 2020, S Immo’s rental income rose by around 10% in annual comparison to €31.1 million (Q1 2019: €28.4 million). The FFO I – a key figure for operating performance – advanced by 27.8% to €13.8 million (Q1 2019: €10.8 million). At the same time, the results on property valuation turned negative to reach minus €31.5 million in the wake of the COVID-19 pandemic (Q1 2019: plus €9.9 million). This corresponds to around 1.3% of the IFRS real estate assets. All in all, the company saw a loss for the period of €21.4 million as of 31 March 2020 (Q1 2019: profit for the period of €15.1m million).

As of 29 May, CPI Property Group collected 76% of rents in April 2020. The company published unaudited financial results for the first quarter of 2020.

In Q1 2020, Echo Investment commissioned four housing projects and two office buildings, sold 399 apartments and handed over 190 to clients, started the rental process in the second Resi4Rent building in Wrocław and secured the purchase of attractive plots of land on which 4,000 apartments can be built. During this time, the Group’s next profit exceeded PLN 40 million.

Immofinanz’s rental income in Q1 2020 rose by 13.4% to € 74.0 million, above all due to the expansion of the portfolio through acquisitions and completions as well as a growth of 1.9% in like-for-like rental income. The results of asset management increased by 18.1% to €59.5 million, and the results of operations were 18.0% higher at €43.5 million. However, the revaluation results of €-45.0 million from standing investments and goodwill reflect the adverse effects of the COVID-19 pandemic. Net profit for Q1 2020 was, therefore, negative at €-37.6 million.

CA Immo presented its results for the first quarter of 2020. The company registered solid growth in rental income (+7.2% year-on-year) and although the negative revaluation result reflects the exceptional economic situation now prevailing, other positive earnings contributions made up for this.

CPI Property Group published an update on the Group’s efforts to flatten debt maturities, reduce gross leverage and fortify operating position.

Immofinanz expects a substantial improvement in rental income and the results of operations for the first quarter of 2020. The estimated increases range from 13.0% to 15.0% versus Q1 2019.

Atrium European Real Estate published an update on trading for the three months ended 31 March 2020 and an update on trading in light of the COVID-19 pandemic. A progressive reopening has been launched from 4 May in Poland and is planned from 11 May in the Czech Republic and 3 June Slovakia, although it is too early to say when the company’s assets will return to full operation.

Immofinanz published its results for the 2019 financial year. The clear improvement of 18.1% in rental income and 30.2% in FFO 1 from the standing investment business underscore the profitable growth of the portfolio to approximately €5.1 billion. Net profit rose by 61.9% to €352.1 million and goes hand in hand with a solid financial position: Cash and cash equivalents total €345.1 million. In order to strengthen this very good cash position, an unsecured revolving credit facility of €100 million was concluded at the end of March 2020.