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CTP: 1Q24 Results

REAL ESTATE
  • CTP NV (CTPNV: Baa3/BBB-): 1Q24 Preview
  • Operation profit came in at EUR 226.9m or EUR 138m before changes in working capital.
  • Rental income EUR 154m up 17.5% yoy
  • Like-for-like growth 5% driven by indexation and renegotiation
  • Occupancy 93% with rent collection 99.9%
  • LTV 45.9%
  • Gross Asset Value now EUR 14b up 2.8%
  • Average cost of debt is 2.13% with 99.6% fixed or hedged to maturity.
  • ICR 3.4x

  • CTP remains ambitious to achieve 20 mil sqm of GLA and EUR 1.2b annualized rental income by the end of the decade.
  • CTPNV bonds are all green and trade at a premium to smaller but better rated issues from EBOX, AREIT and BPPEHX. It is a well-regarded market leader in a sector which is benefiting from CEE growth and from near-shoring of manufacturing. The company has stated that the June 2025 bond (425m) will be repaid out of cash on the balance sheet.
  • {https://www.investis-live.com/ctp/661965f072fa7d13...}

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