CTP reports 18.2% growth in net rental income, maintains strong outlook

CTP N.V. (CTPNV.AS) reported robust growth for the first nine months of the year, with net rental income rising 18.2% year-over-year and company-specific adjusted EPRA earnings per share (EPS) hitting €0.60. The Group is on track to meet its 2024 EPS guidance of €0.80–€0.82. The EPRA NTA per share also rose by 10.1% to €17.52.

For the period ending 30 September, CTP achieved rental income of €488.4 million, reflecting a 15.9% increase compared to the previous year, largely driven by a 4.4% like-for-like growth from lease renegotiations and indexation. The Group’s portfolio occupancy stands at 93%, with an annualized rental income of €702 million, and its gross asset value (GAV) increased by 11.8% to €15.2 billion.

In the first three quarters, CTP delivered 545,000 sqm of space with a yield on cost (YoC) of 10.1%, bringing its standing portfolio to 12.6 million sqm. New projects under construction cover 1.9 million sqm, with an expected YoC of 10.4%, representing potential rental income of €142 million when fully leased.

With a landbank totaling 27.1 million sqm, of which 20.9 million sqm is owned, CTP is well-positioned for future growth. CEO Remon Vos emphasized the Group’s strength in Central and Eastern Europe, citing steady demand for logistics and industrial real estate driven by supply chain shifts and nearshoring trends. Vos noted that CTP has leased 1.5 million sqm in 2024, a 4% increase from last year, with significant interest from Asian tenants focused on European production.

“Our strong pipeline, stable rental growth, and robust leasing activities allow us to expand at a rate of over 10% new GLA per year,” Vos stated. “We are poised to continue capturing market share and achieve double-digit NTA growth in the coming years.”