CTP in 2021
CEO and CFO Review
CTP had a landmark year in 2021. In March, we completed our Initial Public Offering on Amsterdam’s Euronext Exchange and achieved record operational and financial results during the year, which exceeded the targets for 2021 set at the time of our IPO.
We identified a clear and compelling opportunity to establish a listed company with a distinct focus on developing, owning, and managing a highly sustainable portfolio of logistics and industrial parks, anchored in the strategically important region of central and eastern Europe (CEE). Equipped with our 23-year track record, established operating platform and 7.6 million sqm of gross lettable space (GLA) across a network of CTParks that span Europe from the North Sea to the Black Sea, we believe we are uniquely placed to capitalise on the opportunity that our growing markets offer.
IPO targets exceeded
IPO target | Actual | |
Yield on Cost Target | 10% + | 11.30% |
Owned GLA by end of 2021 | >7.1m sqm | >7.6m sqm |
10m sqm owned GLA | by end of 2023 | by end of 2022 |
Stable Occupancy | 95% | 95% |
Impact from COVID-19 | No material impact | Rent collection 98% |
Expansion into Western Europe | 2023 | 2021 (Germany & Netherlands) |
Carbon Neutral in Operations | 2023 | Carbon Negative in 2021 |
Sound Leverage | 40-50% Net LtV | 42.8% Net LtV |
Decreasing Cost of Debt | 1.6% (IPO) | 1.20% |
Dividend Policy | 70-80% EPS | 75% Pay-out |
Historical GLA Growth (in mil. sqm)
PASSING RENT DEVELOPMENT DURING 2021 (in € million)
UP NIY
RATE
RATE
COLLECTION
RENTAL GROWTH
SIGNED