CTP group of companies recorded in 2023 Net Rental Income of €543.2 million, up 20.1% y-o-y, and like-for-like rental growth of 7.4%, mainly driven by indexation and reversion on renegotiations and expiring leases. The contracted revenues for the next 12 months stood at €719 million as at 31 December 2023. The occupancy at year-end increased to 94% from 93% as at 30 June 2023.
CTP delivered a record 1.2 million sqm in 2023 at a YoC of 10.8% and 86% leased at completion. The pipeline came to 2.0 million sqm as at 31 December 2023, with a potential rental income of €142 million when fully leased. The Group’s standing portfolio grew to 11.8 million sqm of GLA at year-end 2023, while the Gross Asset Value (“GAV”) increased by 18.7% to €13.6 billion. EPRA NTA per share increased by 15.2% to €15.92.
Company specific adjusted EPRA earnings increased by 21.8% to €323.5 million. CTP’s Company specific adjusted EPRA EPS amounted to €0.73, ahead of CTP’s guidance of €0.72 for 2023.
CTP confirms its €0.80 – €0.82 Company specific adjusted EPRA EPS guidance for 2024.
Remon Vos, CEO, comments: “We saw strong leasing throughout the year with in total 2 million sqm of leases signed in 2023. As the supply–demand balance remains healthy we are able to drive strong rental growth, with the rental levels of new leases in 2023 up 18% compared to last year. We expect to see further market rent growth in the coming years.”
Demand of industrial and logistics real estate in the CEE region is driven by 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, as the CEE region offers the best cost location in Europe. We have now nearly 10% of our portfolio leased to Asian tenants which are producing in Europe for Europe.
In 2023, we delivered 1.2 million sqm at YoC on 10.8%. The next growth phase is already locked in with our pipeline of 2 million sqm, which will mainly be delivered in 2024. Our industry-leading YoC and profitable pipeline also continues to drive positive revaluations, as we mobilise our 23.4 million sqm landbank, which we have been able to acquire at attractive prices. We are confident that we can achieve our ambitious goals and reach 20 million sqm of GLA and over 1.2 billion of annualised rental income before the end of the decade.”
