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Graphisoft Park Q1-Q3 earnings up 13%; guidance raised

Analysis

Image by graphisoftpark.com

The after-tax profit of Graphisoft Park, which owns and operates a business park in the north of Budapest, rose 13% year-on-year to EUR 3,650,000 in Q1-Q3, the company said in an earnings report released after the closing bell on Tuesday, according to a report by state news wire MTI.

Rental revenue was flat at EUR 10,960,000, but 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 raised guidance for 2021 net profit to EUR 4.7 million and put 2022 net income at EUR 4.9 mln.

Graphisoft Park's occupancy rate rose to 95% in Q3, 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 241.056 mln at the end of September.

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