CTP 1H24 Results, in line and not slowing down

Net Rental income grew 14.4% to EUR 320.9m vs. 320.2m expected (KBCS) and benefited from 4.8% lfl growth. The EPRA EPS of 0.40 also comes in line with expectations. The FY24 EPS outlook is confirmed at 0.80-0.82. The LTV increased slightly to 46.2% from 46.0% at FY23 end. The Cost of debt rose to 2.38% from 1.95% (FY23).The occupancy on standing assets decreased 1% to 93% vs FY23 end. Despite 328k sqm deliveries (92% let) over 1H24, CTP maintained its development pipeline to a record breaking GLA of 2.0m sqm (10.3% YoC). The pre-let% in the pipeline for FY24 increased to 51% vs. 38% at FY23-end. As long as it can reach 80-90% at completion and realize its industry leading yield on cost > 10%, its FV increases faster than the additional debt. The 1H24 report shows CTP is not slowing down. We maintain our TP at 17.50, a small premium to NTA at 17.05.