CTP N.V. H1-2023 Results

CTP REPORTS COMPANY SPECIFIC ADJUSTED EPRA EPS OF €0.36 DRIVEN BY
STRONG LIKE-FOR-LIKE RENTAL GROWTH OF 7.5%; EPRA NTA PER SHARE UP 7.4%

AMSTERDAM, 10 August 2023 – CTP N.V. (CTPNV.AS), (“CTP”, the “Group” or the
“Company”) recorded in H1-2023 Net Rental Income of €268.3 million, up 26.8% y-o-y, and
like-for-like rental growth of 7.5%, mainly driven by indexation and reversion on renegotiations
and expiring leases. The contracted revenues for the next 12 months stood at €654 million as
at 30 June 2023.
CTP’s expected Yield-on-Cost (“YoC”) for the 1.8 million sqm of projects under construction
increased to an industry-leading 10.6% from 10.1% at year-end 2022. The Group’s standing
portfolio grew to 11.0 million sqm of GLA owned as at 30 June 2023, while the Gross Asset
Value (“GAV”) increased by 8.2% to €12.4 billion. EPRA NTA per share increased by 7.4% to
€14.84.
Company specific adjusted EPRA earnings increased by 25.4% to €158.1 million. CTP’s
Company specific adjusted EPRA EPS amounted to €0.36, on track to reach CTP’s guidance
of €0.72 for 2023.
Remon Vos, CEO, comments: “We saw a strong pick-up in leasing during the second quarter
with in total 850,000 sqm signed during H1-2023. As occupier demand remains robust and the
supply of new industrial & logistics space is decreasing, vacancies stay low, allowing us to
continue to drive rental growth, with the rental levels of new leases that we signed in H1-2023
up 12% compared to H1-2022.
The business-smart CEE region has seen strong growth in recent years and is expected to
continue to outperform in the years ahead. The industrial & logistics sector in CEE benefits
from structural demand drivers, such as professionalisation of supply chains, e-commerce, and
occupiers seeking to enhance the resilience of their supply chains through nearshoring and
friend-shoring, with production in Europe for Europe, as the CEE region offers the best cost
location.
We continue to deliver on our promises, the expected YoC of our 1.8 million sqm of development
projects, which have a potential rental income of €133 million, increased to 10.6%, and we
expect that to improve further during the year, thanks to decreasing construction costs and
higher rents. Our industry-leading YoC and profitable pipeline also continues to drive positive
revaluations, as we mobilise our landbank, which we have been able to acquire at attractive prices