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.