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Graphisoft Park Earnings Rise 46% in Q1

Office Market

Image by graphisoftpark.com

First-quarter profit of Graphisoft Park, which owns and operates a business park in the north of Budapest, rose 46% year-on-year to EUR 2,050,000, the company said in an earnings report released after the closing bell on Tuesday.

Rental revenue rose 10% to EUR 4,200,000. Graphisoft Park's occupancy rate reached 97% in Q1.

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 affirmed guidance for rental revenue of EUR 16.3 mln and net profit of EUR 6.3 mln in 2023, acknowledging the better-than-expected Q1 results but maintaining its earlier "cautious forecast".

The estimated fair value of Graphisoft Park's real estate portfolio stood at EUR 230,458,000 at the end of March.

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