At the group level, the retail sector returned to pre-Covid 19 coordinates, with a record turnover of 112% in April 2022 compared to 2019. This is a positive trend in all markets. with an increasing flow of visitors and an ascending turnover (100% in March 2022 vs 2019; 98% in Q1 2022 vs 2019 and 153% in Q1 2022 vs 2021).

Rental income is higher due to the acquisition of income-generating properties, the completion of the Pillar building in Budapest for EUR 6.5 million, and the increase in retail revenue of EUR 3.8 million due to the waiver to the facilities granted to tenants during the pandemic.
At the same time, the gross margin from the rental activity increased by 10 percent, as a result of the acquisition and completion of several properties. This increase is due to a decrease in rental and service revenues due to the sale of the Serbian office portfolio.

Q1 2022 portfolio highlights
- Occupancy at 91% as of 31 March 2022 (90% as of 31 December 2021)
- Disposal of Serbian office buildings for €268 million (above the book value) completed in January 2022
- Completion of Pillar, a Class A office building in Budapest (29,100 sqm GLA)
- Commencement of Matrix C, a Class A office building in Zagreb (10,500 sqm GLA)
- 88% of assets green certified, 11% under certification process
"2021 has brought excellent performance figures and as a result, we recommended our shareholders to pay a dividend of PLN 0.28 per share on 2021 profit, marking a return to regular dividend payments. Our Q1 2022 results show that this year is also going to be solid, despite the disposal of the Serbian office portfolio. Operating performance, particularly in the retail sector is very strong and promising, while the office sector will further require our attention. We will be also focusing on the development of the office properties, launching our new project in Zagreb in Q1, followed by a launch of an office building development in Budapest in Q2. With a strong cash position, we are open to investment opportunities and actively screening the markets to boost our growth,” commented Zoltán Fekete, GTC’s President of the Management Board.

“The Q1 2022 results on the revenue side are showing a great improvement, while new acquisitions are covering for the lost revenues due to the disposal of Serbian portfolio, our retail sector came up with a strong increase, on both revenue side but what is more important on the performance side with turnovers being 12% above 2019 results. Our balance sheet and cash position are very strong. Net debt stays virtually unchanged, LTV at 43% and cost of debt still at an all-time low of 2.16%. We are very satisfied with our results and looking forward to the remainder of the year.” commented Ariel Ferstman, GTC’s CFO and Member of the Management Board.