O1 Properties is one of the largest owners of class-A office real estate in Moscow. The Company owns and manages a portfolio of 15 working office centres located in prime business areas of Russia’s capital with total net rentable area  of 584,000 sq.m.*

*including assets under management 


Key operating and financial figures

 2013201420152016
 
NRA (thousand sq.m.) 468 487 501 521
Occupancy 95% 92%  86% 86% 
WAULT 4.5x  4.1x  4.0x  4.0x
Rental Revenue (USD mln) 342 412   368 316
Net Rental Income (USD mln) 292  351 325   284
Margin(%) 85.50% 85.20%   88.30%  90%
EBITDA (USD mln) 253 315   308 264
Margin(%) 73.90% 76.30%  83.60%   83.5%
Investment Property² (USD mln) 4 220  4 060  3 739  3 702
o/w Development¹⁻² (USD mln) 52 41 31 84
Total Assets (USD mln) 4 681 4 440 4 282 4 242
Net Debt (USD mln) 2 706 2 612 2 639 2 788
Book Equity (USD mln) 1 588 1 184 1 075 995
FCCR(x)⁴ 1.71 x 1.69 x 1.83 x 1.46 x
LTV (%)⁵ 59% 61% 65% 67%

¹ Assuming that 100% of each property belongs to O1 Properties. O1P owns 50.1% share in Bolshevik, which is not consolidated under IFRS. It also holds 85% stake in Greendale, 50.5% in Legenda Tsvetnogo and 50.5% in ICube. ² As per Cushman & Wakefield valuation before IFRS adjustments. ³ Rental rate post discounts and FX caps. ⁴ FCCR is calculated as EBITDA divided by Fixed Charges (i.e. Interest Paid less Finance Income). ⁵ LTV is calculated as Net Debt / (Total Assets – Cash).