Globalworth Real Estate Investments (GWI) H2 2024 earnings summary

Executive summary

• Leading office landlord in CEE, focused on Poland and Romania, with €2.6bn GAV and 1.0m sqm GLA as of Dec 2024.

• Portfolio repositioned via strategic disposals of non-core assets, notably logistics, to enhance liquidity and focus on core office assets.

• 86.7% occupancy rate, with capital cities at over 95% and a diversified, blue-chip tenant base; 72.8% of rent from multinationals.

• Emphasis on sustainability: 93.7% of portfolio green-certified, all Romanian offices WELL Health-Safety rated.

• Dividend of €0.21/share paid, with over 98% of shareholders opting for scrip dividend.

Financial highlights

• Consolidated revenue down 0.9% to €238m for FY24; rental income down 4.7% to €152.8m, mainly due to asset disposals.

• Like-for-like rental income on standing properties up 1.0%; NOI down 2.2% to €143.7m.

• Adjusted normalised EBITDA at €126.2m, down 3.9% year-over-year; like-for-like EBITDA up 2.2%.

• IFRS net loss of €81.6m, impacted by €99.8m negative revaluations and €36.1m loss on asset sales.

• EPRA NRV at €1.6bn, down 6.4%; EPRA NRV/share €5.89.

• LTV improved to 38.1% (from 42.2%); average debt cost rose to 4.87% (from 3.7%).

• Healthy liquidity: €334m cash and €115m undrawn facilities at year-end.

Outlook and guidance

• Focus remains on core office and mixed-use assets in prime CEE locations, with further development dependent on market and tenant demand.

• Ongoing CapEx program to enhance energy efficiency and sustainability across the portfolio.

• Management expects continued resilience in key markets, supported by long-term, inflation-linked leases and a diversified tenant base.