Graphisoft Park earnings climb 9% in 2021

Office Market

Image by graphisoftpark.com

After-tax profit of Graphisoft Park, which owns and operates a business park in the north of Budapest, rose 9% to EUR 4.839 million last year, the company said in an earnings report released after the closing bell on Tuesday, according to state news wire MTI.

Rental revenue edged up 1% to EUR 14.657 mln, while operating costs and net interest expenses fell.

The earnings are "pro forma" which show profit and loss according to the cost model and serve as the basis for Graphisoft Park's dividend. As the local form of a real estate investment trust (REIT), the company pays 90% of its pro forma earnings as dividend.

Graphisoft Park's occupancy rate rose to 96% at end-2021, while the average vacancy rate on the Budapest office market stagnated around 9%.

The fair value of Graphisoft Park's real estate portfolio stood at EUR 241.116 mln at the end of December.

Graphisoft Park targets rental revenue of EUR 15 mln and net profit of EUR 5.1 mln for 2022.

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