Report
CTP 9m25 results, no change to expected delivery midpoint FY25
Gross Rental income grew 15.1% yoy to EUR 562.0m vs. 557.8m expected (KBCS) and benefited from 4.5% like-for-like growth. The EPRA EPS of 0.64 came slightly ahead on our expectation of 0.63. New leases signed increased 6% yoy to 1.577m sqm. The FY25 EPS outlook is maintained at 0.86-0.88. The LTV% improved to 45.2% from 45.3% at FY24. The Cost of Debt increased to 3.2% vs. 3.09% at FY24-end. The occupancy on standing assets was flat at 93% vs. FY24 end. CTP completed 553k sqm ytd, but maintains its development pipeline to a record high GLA of 2.0m sqm at 10.2% YoC. CTP still expects to deliver a total of 1.3 to 1.6m sqm GLA over FY25. The pre-let% in the pipeline for FY25 deliveries increased to 63%. As long as it can reach 80-90% let% at completion, its FV increases faster than debt. We maintain our TP at 23.0, a 15% premium to latest NTA per share at 19.98.
Underlying
CTP NV
Provider
KBC Securities
We are a financial services provider for several types of professional clients, each with distinct needs.
Wim Lewi
Other Reports on these Companies
Other Reports from KBC Securities
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.