CTP Reports Company Specific Adjusted EPRA
EPS of €0.20 Driven by Strong Like-for-like Rental Growth of
5.0%;
EPRA NTA Per Share Up to €16.50
Regulatory News:
CTP N.V. (CTPNV.AS), (“CTP”, the “Group” or the “Company”)
recorded in Q1-2024 Net Rental Income of €153.6 million, up 17.5%
y-o-y, and like-for-like y-o-y rental growth of 5.0%, mainly driven
by indexation and reversion on renegotiations and expiring leases.
As at 31 March 2024, the contracted revenues for the next 12 months
stood at €742 million and occupancy at quarter-end was 93%.
In the quarter, CTP delivered 169,000 sqm at a YoC of 10.7% and
95% let at completion, bringing the Group’s standing portfolio to
12.0 million sqm of GLA, while the Gross Asset Value (“GAV”)
increased by 2.8% to €14.0 billion. EPRA NTA per share increased by
3.7% in the quarter to €16.50.
Company specific adjusted EPRA earnings increased by 11.7% y-o-y
to €87.4 million. CTP’s Company specific adjusted EPRA EPS amounted
to €0.20, an increase of 10.7%. The Group confirms its €0.80 -
€0.82 Company specific adjusted EPRA EPS guidance for 2024.
As at 31 March 2024, projects under construction totaled 2.0
million sqm, most of which will be delivered in 2024, with a
potential rental income of €146 million when fully leased and an
expected yield on cost of 10.3%.
The Group’s landbank of 23.1 million sqm, of which 17.5 million
sqm is owned and on-balance sheet, offers substantial secured
future growth potential to CTP. With assuming a build-up ratio of 2
sqm of land to 1 sqm of GLA, CTP has the ability to build over 11
million sqm of GLA on its secured landbank. CTP’s land on balance
sheet is held at around €50 per sqm and construction costs amount
on average to approximately €500 per sqm, bringing total investment
costs to approximately €600 per sqm. The Group’s standing portfolio
is valued around €950 per sqm, which implies a revaluation
potential of €350 per sqm of GLA build. CTP also expects to
continue to make further land acquisitions to add to its future
growth potential, with the Group track record of delivering over
10% new GLA per year.
Remon Vos, CEO, comments: “We continue to see strong
leasing demand from our tenants, as we leased 336,000 sqm in
Q1-2024, 13% more than in the same period last year. As the
supply–demand balance remains healthy we are able to drive strong
rental growth, with the rental levels of new leases in Q1-2024 up
6% compared to Q1-2023. We expect to see further market rent growth
in the coming years.
Demand for industrial and logistics real estate in the CEE
region is driven by structural demand drivers, such as
professionalization of supply chains by 3PLs, e-commerce, and
occupiers nearshoring and friend-shoring, as the CEE region offers
the best cost location in Europe. We have now nearly 10% of our
portfolio leased to Asian tenants which are producing in Europe for
Europe.
Since our IPO in March 2021 we have more than doubled the GLA
from 5.9 million to 12.0 million, grown the EPRA NTA per share by
98% from €8.32 to €16.50 and increased the Next 12 months
contracted revenues by 116% from €344 million to €742 million. This
is just the beginning, as the next growth phase is already locked
in with our 2 million sqm of GLA under construction and 23.1
million sqm landbank.
We are confident that we can achieve our ambitious goals and
reach 20 million sqm of GLA and over 1.2 billion annualized rental
income before the end of the decade.”
Key Highlights
In € million
Q1-2024
Q1-2023
% Increase
Gross Rental Income
157.5
136.0
+15.8%
Net Rental Income
153.6
130.7
+17.5%
Net valuation result on investment
property
166.7
208.3
-20.0%
Profit for the period
226.9
225.5
+0.6%
Company specific adjusted EPRA
earnings
87.4
78.3
+11.7%
In €
Q1-2024
Q1-2023
% Increase
Company specific adjusted EPRA EPS
0.20
0.18
+10.7%
In € million
31 March 2024
31 Dec. 2023
% Increase
Investment Property (“IP”)
12,244.8
12,039.2
+1.7%
Investment Property under Development
(“IPuD”)
1,523.6
1,359.6
+12.1%
31 March 2024
31 Dec. 2023
% Increase
EPRA NTA per share
€16.5
€15.92
+3.7%
Expected YoC of projects under
construction
10.3%
10.3%
LTV
45.9%
46.0%
Continued strong tenant demand, 13% more sqm signed than the
same quarter last year
In Q1-2024, CTP signed leases for 336,000 sqm, an increase of
13% compared to Q1-2023, with contracted annual rental income of
€23 million, and an average monthly rent per sqm of €5.65 (Q1-2023:
€5.31).
Leases signed by sqm
Q1
Q2
Q3
Q4
FY
2023
297,000
552,000
585,000
542,000
1,976,000
2024
336,000
Average monthly rent leases signed per sqm
(€)
Q1
Q2
Q3
Q4
FY
2023
5.31
5.56
5.77
5.81
5.69
2024
5.65
Around two-thirds of those leases were with existing tenants, in
line with CTP’s business model of growing with existing tenants in
existing parks.
CTP’s average market share in the Czech Republic, Romania,
Hungary, and Slovakia stands at 27.4% as at 31 March 2024 and it
remains the largest owner and developer of industrial and logistics
real estate assets in those markets. The Group is also the market
leader in Serbia and Bulgaria.
With over 1,000 clients, CTP has a wide and diversified
international tenant base, consisting of blue-chip companies with
strong credit ratings. CTP’s tenants represent a broad range of
industries, including manufacturing, high-tech/IT, automotive,
e-commerce, retail, wholesale, and third-party logistics. This
tenant base is highly diversified, with no single tenant accounting
for more than 2.5% of its annual rent roll, which leads to a stable
income stream. CTP’s top 50 tenants only account for 32% of its
rent roll and most are in multiple CTParks.
The Company’s occupancy came to 93%. The Group’s client
retention rate remains strong at 94% (Q1-2023: 95%) and
demonstrates CTP’s ability to leverage long-standing client
relationships. The portfolio WAULT stood at 6.6 years (FY-2023: 6.6
years), in line with the Company’s target of >6 years.
Rent collection level stood at 99.9% in Q1-2024 (FY-2023:
99.9%), with no deterioration in payment profile.
Rental income amounted to €157.5 million, up 15.8% y-o-y on an
absolute basis. On a like-for-like basis, rental income grew 5.0%,
mainly driven by indexation and reversion on renegotiations and
expiring leases.
The Group has put measures in place to limit service charge
leakage, especially in the Czech Republic and Germany, which
resulted in the improvement of the Net Rental Income to Rental
Income ratio from 96.0% in Q1-2023 to 97.5% in Q1-2024.
Consequently, the Net Rental Income increased 17.5% y-o-y.
An increasing proportion of the rental income generated by CTP’s
investment portfolio benefits from inflation protection. Since
end-2019, all the Group’s new lease agreements include a double
indexation clause, which calculates annual rental increases as the
higher of:
- a fixed increase of 1.5%–2.5% a year; or
- the Consumer Price Index1.
As at 31 March 2024, 68% of income generated by the Group’s
portfolio includes this double indexation clause, and the Group
expects this to increase further.
1With a mix of local and EU-27 / Eurozone
CPI, only limited number of caps.
The reversionary potential stands at 14.5%2. New leases have
been signed continuously above ERV’s, illustrating continued strong
market rental growth and supporting valuations.
The contracted revenues for the next 12 months stood at €742
million as at 31 March 2024, increasing 18.2% y-o-y, showcasing the
strong cash flow growth of CTP’s investment portfolio.
Q1-2024 developments delivered with a 10.7% YoC and 95% let
at delivery
CTP continued its disciplined investment in its highly
profitable pipeline.
In Q1-2024, the Group completed 169,000 sqm of GLA (Q1-2023:
223,000 sqm), slightly below last year when several projects came
online that were postponed during the year 2022 due to the higher
construction costs. The developments were delivered at a YoC of
10.7%, 95% let and will generate contracted annual rental income of
€9.8 million, with another €0.6 million to come when these reach
full occupancy.
Some of the main deliveries during Q1-2024 were: 39,000 sqm in
CTPark Zabrze, 34,000 sqm in CTPark Novi Sad East; 24,000 sqm in
CTPark Bucharest West and 23,000 sqm in CTPark Katowice.
While average construction costs in 2022 were around €550 per
sqm, in 2023 and Q1-2024 they came to €500 per sqm. CTP expects
them to stay around this level through 2024. This allows the Group
to continue to deliver its industry-leading YoC above 10%, which is
also supported by CTP’s unique park model and in-house construction
and procurement expertise.
As at 31 March 2024, the Group had 2.0 million sqm of buildings
under construction with a potential rental income of €146 million
and an expected YoC of 10.3%. CTP has a long track record of
delivering sustainable growth through its tenant-led development in
its existing parks. 77% of the Group’s projects under construction
are in existing parks, while 15% are in new parks which have the
potential to be developed to more than 100,000 sqm of GLA. Planned
2024 deliveries are 43% pre-let and CTP expects to reach 80%-90%
pre-letting at delivery, in line with historical performance. As
CTP acts in most markets as general contractor, it is fully in
control of the process and timing of deliveries, allowing the
Company to speed-up or slow-down depending on tenant demand, while
also offering tenants flexibility in terms of building
requirements.
In 2024 the Group is targeting to deliver between 1 – 1.5
million sqm, depending on tenant demand. The 57,000 sqm of leases
that are currently signed for future projects, construction of
which haven’t started yet, are a further illustration of continued
occupier demand.
CTP’s landbank amounted to 23.1 million sqm as at 31 March 2024
(31 December 2023: 23.4 million sqm), which allows the Company to
reach its target of 20 million sqm GLA by the end of the decade.
The Group is focusing on mobilizing the existing landbank to
maximize returns, while maintaining disciplined capital allocation
in landbank replenishment. 58% of the landbank is located within
CTP’s existing parks, while 33% is in or is adjacent to new parks
which have the potential to grow to more than 100,000 sqm. 24% of
the landbank was secured by options, while the remaining 76% was
owned and accordingly reflected in the balance sheet.
2As at 31 December 2023
Monetization of the energy business
CTP is on track with its expansion plan for the roll-out of
photovoltaic systems. With an average cost of ~€750,000 per MWp,
the Group targets a YoC of 15% for these investments.
During Q1-2024, the Group installed an additional 8 MWp on the
roof, which are currently being connected to the grid. The total
installed capacity now stands at 108 MWp.
CTP’s sustainability ambition goes hand in hand with more and
more tenants requesting photovoltaic systems, as they provide them
with i) improved energy security, ii) a lower cost of occupancy,
iii) compliance with increased regulation iv) compliance with their
clients requirements and v) the ability to fulfil their own ESG
ambitions.
Pipeline drives valuation results
Investment Property (“IP”) valuation increased from €12.0
billion as at 31 December 2023 to €12.2 billion as at 31 March
2024, driven mainly by the transfer of completed projects from
Investment Property under Development (“IPuD”) to IP.
IPuD increased by 12.1% to €1.5 billion as at 31 March 2024,
driven by progress on developments with most of the projects as
usual to be delivered in the second half of the year.
GAV increased to €14.0 billion as at 31 March 2024, up 2.8%
compared to 31 December 2023.
The revaluation in Q1-2024 came to €166.7 million, driven by a
revaluation of IPuD projects, slightly below the €208.3 million of
Q1-2023.
The Group’s portfolio has conservative valuation yields, with a
reversionary yield that increased 80bps between 30 June 2022 and 31
December 2023, bringing it to 7.2%. With the larger yield movements
in Western European markets, the yield differential between CEE and
Western European logistics is back to the long-term average. CTP
expects the yield differential to decrease further, driven by the
higher growth expectations for the CEE region.
CTP expects further positive ERV growth on the back of continued
tenant demand, which is positively impacted by the secular growth
drivers in the CEE region. CEE rental levels remain affordable;
despite the strong growth seen, they have started from
significantly lower absolute levels than in Western European
countries. In real terms, rents in many CEE markets are still below
2010 levels.
EPRA NTA per share increased from €15.92 as at 31 December 2023
to €16.50 as at 31 March 2024, representing an increase of 3.7%.
The increase is mainly driven by the revaluation (+€0.37), Company
specific adjusted EPRA EPS (+€0.20) and others (+€0.01).
Robust balance sheet and strong liquidity position
In line with its proactive and prudent approach, the Group
benefits from a solid liquidity position to fund its growth
ambitions, with a fixed cost of debt and conservative repayment
profile.
During Q1-2024, the Group raised €940 million:
- A €100 million six-year secured loan
facility with a syndicate of an Italian and Czech bank at a fixed
all-in cost of 4.9%;
- A €750 million six-year green bond at MS
+220bps at a coupon of 4.75%; and
- A €90 million seven-year secured loan
facility with an Austrian bank at a fixed all-in cost of 4.9%.
In May, the Group also signed €168 million seven-year secured
loan facility with a syndicate of Slovakian and Austrian banks.
Together with the bond issuance, CTP also completed a concurrent
€250 million tender offer for short-dated maturities, proactively
managing and extending its maturity profile.
As pricing in the bond market rationalized, the conditions are
now competitive with the pricing in the bank lending market.
The Group’s liquidity position pro-forma for the facility signed
in May stood at €2.0 billion, comprised of €1.4 billion of
pro-forma cash and cash equivalents, and an undrawn RCF of €550
million.
CTP’s average cost of debt stood at 2.13% (31 December 2023:
1.95%), with 99.6% of the debt fixed or hedged until maturity. The
average debt maturity came to 5.2 years (31 December 2023: 5.3
years).
The Group’s first material upcoming maturity is a €425 million3
bond due in June 2025, which will be repaid from available cash
reserves.
CTP’s LTV came to 45.9% as at 31 March 2024, down 10bps from
46.0% as at 31 December 2023. CTP expects the LTV to trend lower,
as the revaluations of the Group’s developments are fully
booked.
The LTV is slightly above the Company’s target of an LTV between
40%-45%, which the Groups deems to be an appropriate level, given
its higher gross portfolio yield, which stands at 6.7%. The higher
yielding assets lead to a healthy level of cash flow leverage that
is also reflected in the normalized Net Debt to EBITDA of 9.1x (31
December 2023: 9.2x), which the Group targets to keep below
10x.
The Group had 62% unsecured debt and 38% secured debt as at 31
March 2024, with ample headroom under its Secured Debt Test and
Unencumbered Asset Test covenants.
31 March 2024
Covenant
Secured Debt Test
18.7%
40%
Unencumbered Asset Test
180.7%
125%
Interest Cover Ratio
3.4x
1.5x
In Q3-2023, Moody’s and S&P confirmed CTP’s Baa3 and BBB-
credit rating, respectively, both with a stable outlook.
3Outstanding amount after the settlement
of the tender offer on 7 February 2024.
Guidance confirmed
Leasing dynamics remain strong, with robust occupier demand, and
decreasing new supply leading to continued rental growth.
CTP is well positioned to benefit from these trends. The Group’s
pipeline is highly profitable and tenant led. The YoC for CTP’s
pipeline increased to 10.3%, while the target for new projects
across the core CEE markets is 11%, thanks to decreasing
construction costs and rental growth. The next stage of growth is
built in and financed, with 2.0 million sqm under construction as
at 31 March 2024 and the target to deliver between 1 – 1.5 million
sqm in 2024.
CTP’s robust capital structure, disciplined financial policy,
strong credit market access, industry-leading landbank, in-house
construction expertise and deep tenant relations allow CTP to
deliver on its targets. CTP expects to reach €1.0 billion rental
income in 2027, driven by development completions, indexation and
reversion, and is on track to reach 20 million sqm of GLA and €1.2
billion rental income before the end of the decade.
The Group confirms its €0.80 - €0.82 Company specific adjusted
EPRA EPS guidance for 2024.
CTP’s dividend policy is to pay-out 70% - 80% of the Company
specific adjusted EPRA EPS. The default dividend is scrip, but
shareholders can opt for payment of the dividend in cash.
Consolidated statement of profit and loss and other
comprehensive income For the period In EUR
million
Q1.2024 Q1.2023 Rental income
157.5
136.0
Service charge income
17.5
14.4
Property operating expenses
-21.5
-19.8
Net rental income
153.6
130.7
Income from renewable energy
1.0
0.3
Expenses from renewable energy
-0.7
-0.4
Net income / expenses from renewable energy
0.3
-0.1
Hotel operating revenue
4.5
4.0
Hotel operating expenses
-3.2
-3.4
Net operating income from hotel operations
1.3
0.7
Income from development activities
10.4
3.4
Expenses from development activities
-7.4
-2.6
Net income from development activities
3.0
0.8
Total revenues
190.9
158.3
Total attributable external expenses
-32.7
-26.2
Gross profit
158.1
132.1
Net valuation result on investment property
166.7
208.3
Other income
4.6
0.6
Amortisation and depreciation and impairment
-3.2
-2.8
Employee benefits
-13.4
-13.0
Impairment of financial assets
-0.7
-0.1
Other expenses
-12.0
-17.0
Net other income/expenses
-24.7
-32.4
Profit/loss before finance costs
300.1
308.0
Interest income
8.0
3.1
Interest expense
-50.7
-28.1
Other financial expenses
-1.4
-1.4
Other financial gains/losses
25.6
-2.1
Net finance costs
-18.5
-28.5
Profit/loss before income tax
281.6
279.5
Income tax expense
-54.7
-54.0
Profit for the period
226.9
225.5
Other comprehensive income Items that will never be
reclassified to profit and loss Revaluation of PPE net of tax
0.6
3.7
Items that are or may be reclassified to profit and loss
Cash flow hedge - effective portion of changes in fair value net of
tax
1.4
-1.0
Foreign currency translation differences net of tax
-6.4
-4.1
Total other comprehensive income net of tax
-4.5
-1.4
Total comprehensive income for the year
222.4
224.0
Profit attributable to: Non-controlling interests
0.0
0.0
Equity holders of the Company
226.9
225.5
Total comprehensive income attributable to: Non-controlling
interests
0.0
0.0
Equity holders of the Company
222.4
224.0
Earnings per share Basic earnings per share
0.51
0.51
Diluted earnings per share
0.51
0.51
Consolidated statement of financial position
In EUR million
31-Mar-24 31-Dec-23
Assets Investment property
12,244.8
12,039.2
Investment property under development
1,523.6
1,359.6
Property, plant and equipment
241.0
233.8
Goodwill and intangible assets
176.5
176.5
Trade and other receivables
19.3
24.1
Derivative financial instruments
9.0
10.6
Financial investments
0.8
0.4
Long-term receivables from related parties
0.3
0.6
Deferred tax assets
9.5
14.3
Total non-current assets
14,224.7
13,859.1
Trade and other receivables
268.2
266.6
Short-term receivables from related parties
0.3
0.9
Derivative financial instruments
29.3
38.1
Contract assets
7.8
8.5
Current tax assets
12.2
9.4
Cash and cash equivalents
1,232.2
690.6
Total current assets
1,550.0
1,014.1
Total assets
15,774.7
14,873.2
Issued capital
71.7
71.7
Translation reserve
-4.3
2.1
Share premium
3,037.9
3,037.9
Cash flow hedge reserve
1.5
0.1
Retained earnings
3,252.9
3,026.1
Revaluation reserve
29.6
29.0
Total equity attributable to owners of the Company
6,389.2
6,166.9
Non-controlling interest
-
-
Total equity
6,389.2
6,166.9
Liabilities Interest-bearing loans and borrowings
from financial institutions
3,502.7
3,328.2
Bonds issued
4,066.3
3,571.3
Trade and other payables
140.7
147.5
Derivative financial instruments
5.6
10.6
Deferred tax liabilities
1,201.6
1,167.4
Total non-current liabilities
8,916.8
8,225.0
Interest-bearing loans and borrowings from financial
institutions
65.8
50.0
Bonds issued
22.7
18.7
Trade and other payables
333.1
366.9
Short-term payables to related parties
0.0
0.3
Derivative financial instruments
15.6
17.0
Current tax liabilities
31.3
28.4
Total current liabilities
468.6
481.3
Total liabilities
9,385.4
8,706.3
Total equity and liabilities
15,774.7
14,873.2
Consolidated statement of cash flows Over
the period In EUR million
Q1 2024 Q1 2023
Operating activities Profit for the period
226.9
225.5
Adjustments for: Net valuation result on investment property
-166.7
-208.3
Amortisation and depreciation (incl. hotels)
4.1
3.6
Net interest expense
42.7
25.0
Change in FMV of derivatives and hedge
-1.4
0.7
Other changes
-15.5
0.1
Change in foreign currency rates
-6.7
0.5
Income tax expense
54.7
54.0
Operating profit before changes in working capital
138.1
101.0
Decrease/increase(-) in trade and other receivables and
other items
3.4
-29.0
Increase/decrease(-) in trade and other payables and other items
-33.4
-43.1
Decrease/increase(-) in contract assets
0.7
-1.1
Cash generated from operations
-29.3
-73.2
Interest paid
-35.9
-24.1
Interest received
12.2
2.6
Income taxes paid
-10.4
-8.7
Cash flows from operating activities
74.7
-2.5
Investment activities Acquisition of investment
property
-15.6
-36.7
Acquisition of PPE and intangible assets
-10.5
-11.7
Advances paid for investment property and PPE
-0.4
0.0
Loans and borrowings provided to related parties
0.0
-0.1
Proceeds from loans and borrowings provided to related parties
0.6
0.0
Proceeds from loans and borrowings provided to third parties
0.0
4.1
Acquisition of subsidiaries, net of cash acquired
0.0
-40.1
Pre-acquisition loans and borrowings provided to acquired
subsidiaries
0.0
-29.5
Development of investment property
-187.2
-154.7
Cash flows used in investing activities
-213.1
-268.7
Financing activities Bonds issued
747.9
0.0
Repayment of interest-bearing loans and borrowings/bonds
-247.6
-6.1
Proceeds from interest-bearing loans and borrowings
192.0
228.4
Transaction costs related to loans and borrowings/bonds
-8.8
-2.4
Payment of lease liabilities
-1.2
-1.0
Cash flows from/used in financing activities
682.3
218.9
Cash and cash equivalents at 1 January
690.6
660.6
Net increase/decrease(-) in cash and cash equivalents
543.9
-52.2
Change in foreign currency rates
-2.3
3.6
Cash and cash equivalents at 31 March
1,232.2
612.0
WEBCAST AND CONFERENCE CALL FOR ANALYSTS AND
INVESTORS
Today at 9am (GMT) and 10am (CET), the Company will host a video
presentation and Q&A session for analysts and investors, via a
live webcast and audio conference call.
To view the live webcast, please register ahead at:
https://www.investis-live.com/ctp/661965f072fa7d130062b65a/nwok
To join the presentation by telephone, please dial one of the
following numbers and enter the participant access code
235265.
Germany
+49 32 22109 8334
France
+33 9 70 73 39 58
The Netherlands
+31 85 888 7233
United Kingdom
+44 20 3936 2999
United States
+1 646 787 9445
Press *1 to ask a question, *2 to withdraw your question, or *0
for operator assistance.
A recording will be available on CTP’s website within 24 hours
after the presentation: https://www.ctp.eu/investors/financial-reports/
CTP FINANCIAL CALENDAR
Action
Date
Payment date - 2023 final dividend
20 May 2024
H1-2024 results
8 August 2024
Capital Markets Day (Bucharest,
Romania)
25/26 September 2024
Q3-2024 results
6 November 2024
FY-2024 results
27 February 2025
About CTP
CTP is Europe’s largest listed owner, developer, and manager of
logistics and industrial real estate by gross lettable area, owning
12.0 million sqm of GLA across 10 countries as at 31 March 2024.
CTP certifies all new buildings to BREEAM Very good or better and
earned a low-risk ESG rating by Sustainalytics, underlining its
commitment to being a sustainable business. For more information,
visit CTP’s corporate website: www.ctp.eu
Disclaimer
This announcement contains certain forward-looking statements
with respect to the financial condition, results of operations and
business of CTP. These forward-looking statements may be identified
by the use of forward-looking terminology, including the terms
"believes", "estimates", "plans", "projects", "anticipates",
"expects", "intends", "targets", "may", "aims", "likely", "would",
"could", "can have", "will" or "should" or, in each case, their
negative or other variations or comparable terminology.
Forward-looking statements may and often do differ materially from
actual results. As a result, undue influence should not be placed
on any forward-looking statement. This press release contains
inside information as defined in article 7(1) of Regulation (EU)
596/2014 of 16 April 2014 (the Market Abuse Regulation).
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