Report
CTP FY24 Results in line, pipeline demands big leasing effort FY25
Net Rental income grew 16.1% to EUR 664.4m vs. 675.2m expected (KBCS) and benefited from 4.0% lfl growth. The EPRA EPS of 0.80 came in line with the guidance of the lower end of 0.80-0.82 after the ABB in September. The FY25 EPS outlook is guided to 0.86-0.88. The LTV decreased to 45.3% from 46.0% at FY23 end. The Cost of Debt rose significantly to 3.09% vs. 2.73% at 3Q24 and 1.95% over FY23. The occupancy on standing assets decreased 1% to 93% vs FY23 end. Despite 1,286k sqm deliveries (92% let) over FY24, CTP maintained its development pipeline to a record high GLA of 1.8m sqm at 10.3% YoC. CTP still expects to deliver 1.2-1.7m sqm GLA over FY25. The pre-let% in the pipeline for FY25 amounts to 35%. As long as it can reach 80-90% let% at completion, its FV increases faster than the additional debt. This puts some pressure on the sales teams to keep up the leasing flow. Some recent Asian deals were announced. We maintain our TP at 19.30, a 7% premium to latest NTA at 18.08. Analyst call at 13h00 CET, link.
Underlying
CTP NV
Provider
KBC Securities
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Wim Lewi
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