CTP FIRST LOOK: 1Q24 results proceed in top gear

Net Rental income grew 17.5% to EUR 153.6m vs.150.2m expected (KBCS) and benefited from 5.0% lfl growth. The EPRA EPS of 0.20 came slightly above our 0.19 expectation. The FY24 EPS outlook is confirmed at 0.80-0.82. The LTV declined slightly to 45.9% from 46.0% at FY23 end. The occupancy on standing assets decreased 1% to 93% vs FY23 end. Despite 169k sqm deliveries (95% let) over 1Q24, 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 43% 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 1Q24 report shows CTP is not slowing down, but keeps running at breakneck speed. We maintain our TP at 17.50, a 6% premium to NTA at 16.50.