CTP NV Q3-2024 Eredmények

AMSTERDAM, 6 November 2024 – CTP N.V. (CTPNV.AS), (“CTP”, the “Group” or the “Company”) recorded Rental Income of €488.4 million in the first 9 months of the year, up 15.9% y-o-y. Like-for-like y-o-y rental growth of 4.4%, mainly driven by indexation and reversion on renegotiations and expiring leases. As at 30 September 2024, the annualised rental income came to 702.0 million and occupancy came to 93%.

In the first 9 months, CTP delivered 545,000 sqm at a Yield on Cost (“YoC”) of 10.1% and 95% let at completion, bringing the Group’s standing portfolio to 12.6 million sqm of GLA, while the Gross Asset Value (“GAV”) increased by 11.8% to €15.2 billion. EPRA NTA per share increased by 10.1% in the first half of the year to €17.52.

Company specific adjusted EPRA earnings increased by 13.2% y-o-y to €269.8 million. CTP’s Company specific adjusted EPRA EPS amounted to €0.60, an increase of 11.7%. The Group confirms its €0.80 – €0.82 Company specific adjusted EPRA EPS guidance for 2024.

As at 30 September 2024, projects under construction totaled 1.9 million sqm, with a potential rental income of €142 million when fully leased and an expected YoC of 10.4%. A substantial part of which will be delivered in 2024, as CTP expects to deliver between 1.2 – 1.3 million sqm this year.

The Group’s landbank increased to 27.1 million sqm, of which 20.9 million sqm is owned and on-balance sheet, and secured substantial future growth potential for CTP. With its industry-leading YoC, CTP expects to be able to continue to generate double-digit NTA growth in the years to come.

Főbb jellemzők

A továbbra is erős bérlői kereslet ösztönzi a bérleti díjak növekedését

During the first 9 months of 2024, CTP signed leases for 1,495,000 sqm, an increase of 4% compared to 9M-2023, with contracted annual rental income of €100.9 million, and an average monthly rent per sqm of €5.63 (9M-2023: €5.60). Adjusting for the difference in country mix, the rents increased on average by 3%.

A bérleti szerződések mintegy kétharmada meglévő bérlőkkel köttetett, összhangban a CTP üzleti modelljével, amely szerint a meglévő parkokban meglévő bérlőkkel együtt növekszik.

Cashflow generálás állandó portfólión és felvásárlásokon keresztül

CTP’s average market share in the Czech Republic, Romania, Hungary, and Slovakia increased to 28.5% as at 30 September 2024 and it remains the largest owner and developer of industrial and logistics real estate assets in those markets. The Group is also the market leader in Serbia and Bulgaria.

With over 1,000 clients, CTP has a wide and diversified international tenant base, consisting of blue-chip companies with strong credit ratings. CTP’s tenants represent a broad range of industries, including manufacturing, high-tech/IT, automotive, e-commerce, retail, wholesale, and third-party logistics. The tenant base is highly diversified, with no single tenant accounting for more than 2.5% of its annual rent roll, which leads to a stable income stream. CTP’s top 50 tenants only account for 33.4% of its rent roll and most are in multiple CTParks.

The Company’s occupancy came to 93% (Q3-2023: 93%). The Group’s client retention rate remains strong at 91% (Q3-2023: 92%) and demonstrates CTP’s ability to leverage long-standing client relationships. The portfolio WAULT stood at 6.5 years (Q3-2023: 6.6 years), in line with the Company’s target of >6 years.

Rent collection level stood at 99.8% in 9M-2024 (9M-2023: 99.8%), with no deterioration in the payment profile of tenants.

Rental income amounted to €488.4 million, up 15.9% y-o-y on an absolute basis. On a like-for-like basis, rental income grew 4.4%, mainly driven by indexation and reversion on renegotiations and expiring leases.

The Group has put measures in place to limit service charge leakage, which resulted in the improvement of the Net Rental Income to Rental Income ratio from 95.5% in 9M-2023 to 97.4% in 9M-2024. Consequently, the Net Rental Income increased 18.2% y-o-y.

A CTP befektetési portfóliójából származó bérleti díjbevétel egyre nagyobb hányada részesül inflációvédelemben. 2019 vége óta a Csoport minden új bérleti szerződésében szerepel a kettős indexálási záradék, amely az éves bérleti díjnövekedést a következők közül a magasabbiknak megfelelően számítja ki:

• évi 1,5%-2,5% fix emelés; vagy
• a fogyasztói árindex[1].

As at 30 September 2024, 70% of income generated by the Group’s portfolio includes this double indexation clause, and the Group expects this to increase further.

The reversionary potential stayed stable at 15.1%. New leases have been signed continuously above ERV’s, illustrating continued strong market rental growth and supporting valuations.

The annualised rental income came to €702.0 million as at 30 September 2024, an increase of 19.3% y-o-y, showcasing the strong cash flow growth of CTP’s investment portfolio.

9M-2024 developments delivered with a 10.1% YoC and 95% let at delivery

CTP continued its disciplined investment in its highly profitable pipeline. In the first 9 months, the Group completed 545,000 sqm of GLA (9M-2023: 566,000 sqm), slightly below last year when several projects came online that were postponed during the year 2022 due to the higher construction costs. The developments were delivered at a YoC of 10.1%, 95% let and will generate contracted annual rental income of €33.0 million, with another €2.0 million of expected income when these reach full occupancy.

Some of the main deliveries during the first 9 months of 2024 were: 169,000 sqm in CTPark Warsaw West (Poland), 48,000 sqm in CTPark Zabrze (Poland), 37,000 sqm in CTPark Budapest Ecser (Hungary), 37,000 sqm in CTPark Novi Sad East (Serbia), 30,000 sqm in CTPark Weiden (Germany), 26,000 sqm in CTPark Bucharest West (Romania), 27,000 sqm in CTPark Katowice (Poland) and 23,000 sqm in CTPark Arad West (Romania).

While average construction costs in 2022 were around €550 per sqm, in 2023 and 9M-2024 they came to €500 per sqm. CTP expects them to stay around this level through 2024. This allows the Group to continue to deliver its industry-leading YoC above 10%, which is also supported by CTP’s unique park model and in-house construction and procurement expertise.

As at 30 September 2024, the Group had 1.9 million sqm of buildings under construction with a potential rental income of €142 million and an expected YoC of 10.4%. CTP has a long track record of delivering sustainable growth through its tenant-led development in its existing parks. 76% of the Group’s projects under construction are in existing parks, while 15% are in new parks which have the potential to be developed to more than 100,000 sqm of GLA. Planned 2024 deliveries are 64% pre-let. CTP expects to reach 80%-90% pre-letting at delivery, in line with historical performance. As CTP acts in most markets as general contractor, it is fully in control of the process and timing of deliveries, allowing the Company to speed-up or slow-down depending on tenant demand, while also offering tenants flexibility in terms of building requirements.

In 2024 the Group is expecting to deliver between 1.2 – 1.3 million sqm, depending on tenant demand. The 177,000 sqm of leases that are currently signed for future projects, construction of which hasn’t started yet, are a further illustration of continued occupier demand.

CTP’s landbank amounted to 27.1 million sqm as at 30 September 2024 (31 December 2023: 23.4 million sqm), which allows the Company to reach its target of 20 million sqm GLA by the end of the decade. The Group is focusing on mobilising the existing landbank, while maintaining disciplined capital allocation in landbank replenishment. 60% of the landbank is located within CTP’s existing parks, while 30% is in, or is adjacent to, new parks which have the potential to grow to more than 100,000 sqm. 23% of the landbank was secured by options, while the remaining 77% was owned and accordingly reflected in the balance sheet.

Assuming a build-up ratio of 2 sqm of land to 1 sqm of GLA, CTP can build over 13 million sqm of GLA on its secured landbank. CTP’s land is held on balance sheet at around €50 per sqm and construction costs amount on average to approximately €500 per sqm, bringing total investment costs to approximately €600 per sqm. The Group’s standing portfolio, excluding the older former Deutsche Industrie REIT portfolio, is valued around €1,000 per sqm.

Az energiaüzlet monetizálása

A CTP folytatja a fotovoltaikus rendszerek kiépítésére vonatkozó bővítési tervét. A csoport átlagosan ~750 000 €/MWp költséggel 15% YoC-t céloz meg ezekre a beruházásokra.

During the first 9 months, the Group installed an additional 19 MWp on the roof, which are currently being connected to the grid. The total installed capacity now stands at 119 MWp.

In 9M-2024 the revenues from renewable energy came to €6.0 million, up 10% y-o-y.

A CTP fenntarthatósági törekvései együtt járnak azzal, hogy egyre több bérlő kéri a fotovoltaikus rendszereket, mivel azok i) nagyobb energiabiztonságot, ii) alacsonyabb lakhatási költségeket, iii) a fokozott szabályozásnak való megfelelést, iv) az ügyfelek követelményeinek való megfelelést és v) saját ESG ambícióik teljesítésének lehetőségét biztosítják számukra.

Az értékelési eredményeket a csővezeték és a pozitív átértékelési portfólió vezérli

Investment Property (“IP”) valuation increased from €12.0 billion as at 31 December 2023 to €13.4 billion as at 30 September 2024, driven mainly by the transfer of completed projects from Investment Property under Development (“IPuD”) to IP, accretive acquisitions and positive revaluations.

IPuD increased by 18.9% to €1.6 billion as at 30 September 2024, driven by progress on developments with most of the projects to be delivered in the fourth quarter of the year, as usual.

GAV increased to €15.2 billion as at 30 September 2024, up 11.8% compared to 31 December 2023.

For the Q1 and Q3 results, only the IPuD projects are revalued. The Q3-2024 revaluation was €167.4 million, which brings the revaluation in the first 9 months to €604.1 million, driven by the positive revaluation of IPuD projects (+€351.2 million), landbank (+€26.1 million), and the standings assets (+€226.9 million).

The Group’s portfolio has conservative valuation yields, with 80bps of reversionary yield widening in the last two years, bringing it to 7.2%. CTP expects yields to have peaked in the Industrial & Logistics sector in the CEE region. With the larger yield movements in Western European markets, the yield differential between CEE and Western European logistics is back to the long-term average. CTP expects the yield differential to decrease further overtime, driven by the higher growth expectations for the CEE region.

CTP expects further positive ERV growth on the back of continued tenant demand, which is positively impacted by the secular growth drivers in the CEE region. CEE rental levels remain affordable; and despite the strong growth seen, they have started from significantly lower absolute levels than in Western European countries. In real terms, rents in many CEE markets are still below 2010 levels.

EPRA NTA per share increased from €15.92 as at 31 December 2023 to €17.52 as at 30 September 2024, representing an increase of 10.1%. The increase is mainly driven by the revaluation (+€1.29), Company specific adjusted EPRA EPS (+€0.60), partly offset by the dividend paid out (-€0.28).

Robusztus mérleg és erős likviditási pozíció

A proaktív és prudens megközelítéssel összhangban a Csoport szilárd likviditási pozícióval rendelkezik, amely lehetővé teszi növekedési törekvéseinek finanszírozását, fix adósságköltséggel és konzervatív törlesztési profillal.

During first 9 months of the year, the Group raised €1.8 billion:

• A €100 million six-year secured loan facility with a syndicate of Italian and Czech banks at a fixed all-in cost of 4.9%;
• A €750 million six-year green bond at MS +220 bps at a coupon of 4.75%;
• 90 millió eurós, hét évre szóló fedezett hitelkeret egy osztrák banknál, fix összköltséggel 4,91 TP3T;
• 168 millió eurós hét évre biztosított hitelkonstrukció egy szlovák és osztrák bankok szindikátusával 5,11 TP3T fix all-in költséggel;
• A €75 million tap of the six-year green bond issued in February 2024 at MS +171 bps;
• A €500 million five-year unsecured loan facility with a syndicate of international banks at a fixed all-in cost of 4.7%; and
• A €150 million seven-year secured loan facility top-up with a syndicate of Italian and Czech banks at a fixed all-in cost of 4.35%.

During the year CTP also completed two bond tender offers, buying back €750 million of short-dated bonds, realizing a capital gain of €31.9 million, reducing 2025 and 2026 debt maturities and proactively extending its maturity profile.

The Group’s liquidity position stood at €1.8 billion, comprised of €1.3 billion of cash and cash equivalents, and an undrawn RCF of €550 million.

CTP’s average cost of debt stood at 2.73% (31 December 2023: 1.95%), with 99.7% of the debt fixed or hedged until maturity. The Group doesn’t capitalise interest on developments, therefore all interest expenses are included in the P&L. The average debt maturity came to 5.0 years (31 December 2023: 5.3 years).

A Csoport első lényeges lejárata 272 millió euró[2] 2025 júniusában esedékes kötvény, amelyet a rendelkezésre álló készpénztartalékból törlesztenek.

CTP’s LTV came to 44.9% as at 30 September 2024, down from 46.2% at 30 June 2024, thanks to the ABB[3]. CTP expects the LTV to trend lower, as the revaluations of the Group’s developments are fully booked.

The Group’s higher yielding assets, thanks to their gross portfolio yield of 6.5%, lead to a healthy level of cash flow leverage that is also reflected in the normalised Net Debt to EBITDA of 9.0x (31 December 2023: 9.2x), which the Group targets to keep below 10x.

The Group had 59% unsecured debt and 41% secured debt as at 30 September 2024, with ample headroom under its Secured Debt Test and Unencumbered Asset Test covenants.

As pricing in the bond market rationalised, the conditions are now more competitive than the pricing in the bank lending market, which will allow the Group to re-balance more towards unsecured lending.

In Q3-2024, both Moody’s and S&P confirmed, respectively, CTP’s Baa3 and BBB- credit rating with a stable outlook.

Dividend and Guidance confirmed

Leasing dynamics remain strong, with robust occupier demand, and decreasing new supply leading to continued rental growth.  CTP is well positioned to benefit from these trends. The Group’s pipeline is highly profitable, and tenant led. The YoC for CTP’s pipeline increased to 10.4%, thanks to decreasing construction costs and rental growth. The next stage of growth is built in and financed, with 1.9 million sqm under construction as at 30 September 2024, with a target to deliver between 1.2 – 1.3 million sqm in 2024.

A CTP robusztus tőkeszerkezete, fegyelmezett pénzügyi politikája, erős hitelpiaci hozzáférése, piacvezető bankja, házon belüli építőipari szakértelme és mély bérlői kapcsolatai lehetővé teszik a CTP számára, hogy elérje céljait. A CTP várakozásai szerint 2027-ben eléri az 1,0 milliárd eurós bérbeadási bevételt a fejlesztések befejezésének, az indexálásnak és a visszaállításnak köszönhetően, és jó úton halad, hogy az évtized vége előtt elérje a 20 millió négyzetméter GLA-t és az 1,2 milliárd eurós bérleti bevételt.

The Group confirms its €0.80 – €0.82 Company specific adjusted EPRA EPS guidance for 2024, which due to the increase in shares following the ABB in September is expected towards the lower end.

A CTP osztalékpolitikája az, hogy 70% - 80% osztalékot fizessen ki a vállalatspecifikus korrigált EPRA EPS-ből. Az alapértelmezett osztalék a szkripta osztalék, de a részvényesek választhatják az osztalék készpénzben történő kifizetését is.

  
WEBCAST ÉS KONFERENCIAHÍVÁS ELEMZŐK ÉS BEFEKTETŐK SZÁMÁRA

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Az élő webcast megtekintéséhez kérjük, regisztráljon a következő címen:

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Ha telefonon szeretne csatlakozni az előadáshoz, kérjük, tárcsázza az alábbi számok egyikét, és adja meg a résztvevői hozzáférési kódot 427163.

Germany                             +49 32 22109 8334
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Nyomja meg a *1-et a kérdés feltevéséhez, a *2-t a kérdés visszavonásához, vagy a *0-t a kezelői segítséghez.

Az előadásról készült felvétel az előadást követő 24 órán belül elérhető lesz a CTP honlapján: https://www.ctp.eu/investors/financial-reports/

 CTP PÉNZÜGYI NAPTÁR

AZ ELEMZŐI ÉS BEFEKTETŐI MEGKERESÉSEK ELÉRHETŐSÉGEI:

Maarten Otte, Befektetői kapcsolatok vezetője
Mobil: +420 730 197 500
E-mail: maarten.otte@ctp.eu

ELÉRHETŐSÉGEK A MÉDIA MEGKERESÉSÉRE:
Patryk Statkiewicz, a csoport marketing és PR vezetője
Mobil: +31 (0) 629 596 119
E-mail: patryk.statkiewicz@ctp.eu

A CTP-ről

CTP is Europe’s largest listed owner, developer, and manager of logistics and industrial real estate by gross lettable area, owning 12.6 million sqm of GLA across 10 countries as at 30 September 2024. CTP certifies all new buildings to BREEAM Very good or better and earned a negligible-risk ESG rating by Sustainalytics, underlining its commitment to being a sustainable business. For more information, visit CTP’s corporate website: www.ctp.eu

Felelősségi nyilatkozat

Ez a közlemény bizonyos, a jövőre vonatkozó kijelentéseket tartalmaz a CTP pénzügyi helyzetével, működési eredményeivel és üzleti tevékenységével kapcsolatban. Ezek a jövőre vonatkozó kijelentések azonosíthatók a jövőre vonatkozó terminológia használatával, beleértve a "úgy véli", "becslések", "tervez", "tervez", "tervez", "előrevetít", "várakozik", "szándékozik", "céloz", "lehet", "céloz", "valószínű", "lenne", "lehetne", "lehet", "lehet", "lesz" vagy "kellene" kifejezéseket, illetve minden esetben ezek negatív vagy más változatait vagy hasonló terminológiát. A jövőre vonatkozó kijelentések jelentősen eltérhetnek a tényleges eredményektől, és ez gyakran így is van. Ennek eredményeképpen nem szabad túlzott befolyást gyakorolni egyetlen jövőre vonatkozó kijelentésre sem. Ez a sajtóközlemény a 2014. április 16-i 596/2014/EU rendelet (a piaci visszaélésekről szóló rendelet) 7. cikkének (1) bekezdésében meghatározott bennfentes információkat tartalmaz.

^[1] Helyi és EU-27 / eurózóna fogyasztói árindex keverékével, csak korlátozott számú felső határ.

^[2] A pályázati ajánlat 2024. június 28-i elszámolását követően fennálló összeg.

^[3] At 30 September 2024, only the €227 million of free-float shares where settled, the €73 million shares subscribed by the CEO and founder were settled in the first week of October following the dividend payment