On November 16, 2021, Globe Trade Center (GTC) announced its results for 2021, which was “a year driven by acquisitions.”
The financial highlights of the Warsaw-based company include a gross margin from the rental activity of EUR 93 million in 9M 2021 (EUR 91 million in 9M 2020), an adjusted EBITDA at EUR 83 million in 9M 2021 (EUR 82 million in 9M 2020), EPRA NAV at EUR 1,149 million as of September 30, 2021, EPRA NAV per share at EUR 2.37, the investment of EUR 339 million into the acquisition of income-generating assets and landbank for future development, and an occupancy at 91% as of September 30, 2021 (91% as of 31 December 2020).
According to the company, they are transitioning from secured to unsecured debt, the latter being currently at 50%.
“The acquisitions that we conducted in 2021 meant roughly EUR 7 million of additional gross margin, which more than compensated the negative impact from COVID-19 and sale of Spiral,” commented GTC President of the Management Board Yovav Carmi. “The results after the three quarters of 2021 are showing an upward trend from 2020. Leasing activity is not as strong as in pre-covid times, however, we have been able to keep our occupancy at 91%. We see retail tenants expanding in all our markets and shopping malls. Our malls, especially in Poland and Serbia, are showing turnover results higher than in 2019. In terms of office tenants, they tend to stay in their current locations, which works in our favor. Towards the end of the year, we still have a capital increase in front of us. We have identified income-generating assets that we want to invest in. We would like to deploy the new funds coming into the company to grow the business further.”