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GTCI STRONG EARNINGS , TRANSFORMATION TO UNSECURED DEBT AND EUR 300M INVESTMENT GROSS MARGIN FROM RENTAL ACITIVITY € 59M ● ADJUSTED EBITDA H1 2021 FINANCIAL HIGHLIGHTS € 52M Gross margin from rental activity at € 59m in H1 2021 ( € 59m in H1 2020 ) Adjusted EBITDA at € 52m in H1 2021 ( € 52m in H1 2020 ) FFO at € 31m ( € 33m in H1 2020 ) , FFO per share at € 0.06 EPRA NAV at € 1,126m as of 30 June 2021 , EPRA NAV per share at € 2.32 ( PLN 10.49 ) Strong liquidity position with cash and cash equivalents at € 246m as of 30 June 2021 Investment of € 268m into acquisition of income generating assets and landbank for future development Occupancy at 91 % ( 91 % as of 31 December 2020 ) ● FFO I ● € 31 M ● H1 2021 RESULTS TRANSITIONING FROM SECURED TO PREDOMINANTLY UNSECURED DEBT CASH AND CASH EQIVALENTS € 246M Two rating agencies assigned a corporate family rating ( " CFR " ) to GTC : o Fitch Ratings ( " Fitch " ) - BBB- with stable outlook o Moody's Investors Service ( " Moody's " ) - Ba1 with positive outlook € 369.1m of secured project loans refinanced € 82m of secured project loans under the refinancing process ● Unsecured debt at 48 % Unencumbered properties up to 35 % ( 9 % as of 31 December 2020 ) Issue of € 500m of green Eurobonds in June 2021 ( 2.8x oversubscribed with a peak order book in excess of € 1.4bn . ) WAIR at historical low of 2.18 % ¹ ( 2.3 % as of 31 December 2020 ) ¹ Excludes loans related to assets held for sale " During the first half of the year , we concentrated on the reshuffling of our portfolio . We signed the preliminary agreement to dispose of our Serbian office portfolio , securing however our future growth in Belgrade with the acquisition of a land plot designated for a large scale phased office project and even starting a new office project GTC X. Additionally , we invested heavily into Budapest based class - A office properties to shift towards higher - rated markets . We also focused on operations on our malls , which after the last lockdown , are delivering tremendous results , with malls ' turnover being well above 2019 statistics , especially in Poland . Also during this period , as the first real estate developer in the CEE region , we released the ESG report , a culmination of 25 - years of GTC development based on quality offering , long - term relationships , and the transparency of our operations . It was a natural next step for our company as we consistently apply the corporate strategy based on providing real estate solutions that improve the way we live and creating a business platform that stands on trust and cooperation with stakeholders . The second half of the year will be similarly busy , as we are preparing ourselves for a capital increase and further investments " - commented Yovav Carmi , GTC's President of the Management Board . " The first half of the year was marked with the change in our financing structure and move from individual secured bank loans for particular projects to predominantly unsecured bond funding . First of all , we went through the rating process and achieved a Ba1 rating with Moody's Investors Services and investment grade rating BBB- with Fitch . Later , we tapped the Eurobonds market for more flexible instruments , and succeeded issuing € 500m green Eurobond with a coupon of 2.25 % . The book was 2.8x oversubscribed with peak orders in excess of € 1.4bn . This gives us great confidence and validates our change in strategy , business model and sustainable and responsible approach to our properties . I believe that we will be able to come back to the market later this year to complete our goal and refinance the majority of the remaining secured debt " - commented Ariel Ferstman , GTC's CFO and Member of the Management Board .