NEPI Rockcastle recorded a 12.7 percent increase in net operating income in the first quarter (Q1) of 2024 compared to Q1 2023. Thus, in the first three months of 2024, the value of net operating income reached RON 135 million. This significant increase in performance comes as a result of increased base rents and tenant turnover, as well as rigorous management of the company’s operating costs.
Tenant sales, excluding hypermarkets, were 10.5 percent higher in Q1 2024 compared to the same period last year. Also, the number of visitors to shopping centers owned by NEPI Rockcastle increased by 14 percent, while the average shopping basket value was 8.8 percent higher, despite a lower level of inflation compared to Q1 2023.
“We continue to see significant growth, which reflects both solid tenant results and good management of our properties in Central and Eastern Europe. The performance of the markets we operate can be seen in the increase in consumption, which translated into a double-digit increase in sales to tenants in the centers we own. Demand for commercial space, particularly from international retailers, remains very strong, as evidenced by the high number of new leases signed, as well as the highest occupancy rate in our centers in the industry,” said Rüdiger Dany, CEO of NEPI Rockcastle.
Source: Profit.ro
