CTP NV 2024 财年业绩

AMSTERDAM, 27 February 2025 – CTP N.V. (CTPNV.AS), (“CTP”, the “Group” or the “Company”) recorded Gross Rental Income of €664.1 million in the year, up 16.1% y-o-y,  and like-for-like y-o-y rental growth of 4.0%, mainly driven by indexation and reversion on renegotiations and expiring leases. As at 31 December 2024, the annualised rental income came to €742.6 million and occupancy came to 93%.

In 2024, CTP delivered 1,286,000 sqm at a Yield on Cost (“YoC”) of 10.1% with 92% let at completion, bringing the Group’s standing portfolio to 13.3 million sqm of GLA, while the Gross Asset Value (“GAV”) increased by 17.2% to €16.0 billion. EPRA NTA per share increased by 13.6% to €18.08.

Company specific adjusted EPRA earnings increased by 12.5% y-o-y to €364.0 million. CTP’s Company-specific adjusted EPRA EPS amounted to €0.80, an increase of 9.9%, in line with guidance. The Group sets a €0.86 – €0.88 Company-specific adjusted EPRA EPS guidance for 2025.

As at 31 December 2024, projects under construction totalled 1.8 million sqm, with a potential rental income of €142 million when fully leased and an expected YoC of 10.3%.

The Group’s landbank increased to 26.4 million sqm, of which 21.7 million sqm is owned and on-balance sheet. This landbank secures substantial future growth potential for CTP, mostly around the existing business parks. Combined with its industry-leading YoC, CTP expects to continue to generate double-digit NTA growth in the years to come.

During 2024, CTP also successfully completed its first accelerated bookbuild – several times oversubscribed – after the IPO, raising €300 million of equity, giving the firepower to accelerate developments and do acquisitions, like the 830,000 sqm brownfield redevelopment down-town Dusseldorf.

主要亮点[1]

租户需求持续强劲推动租金增长

During 2024, CTP signed leases for 2,113,000 sqm, an increase of 7% compared to 2023, with contracted annual rental income of €144.0 million, and an average monthly rent per sqm of €5.68 (2023: €5.69). Adjusting for the differences among the country mix, rents increased on average by 3%.

Around two-thirds of leases signed were with existing tenants, in line with CTP’s business model of growing with existing tenants in existing parks.

通过现有投资组合和收购产生现金流

CTP’s average market share in the Czech Republic, Romania, Hungary, and Slovakia increased to 28.8% as at 31 December 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 nearly 1,500 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 the Company’s annual rent roll, which leads to a stable income stream. CTP’s top 50 tenants only account for 35.2% of its rent roll and most rent space in multiple CTParks.

The Company’s occupancy came to 93% (2023: 94%). The Group’s client retention rate remains strong at 87% (2023: 90%) and demonstrates CTP’s ability to leverage long-standing client relationships. The portfolio WAULT stood at 6.4 years (2023: 6.5 years), in line with the Company’s target of >6 years.

Rent collection level stood at 99.8% in 2024 (2023: 99.9%), with no deterioration in the payment profile of tenants.

Rental income amounted to €664.1 million, up 16.1% y-o-y on an absolute basis, mainly driven by deliveries, as well as by the accretive acquisition of 270,000 sqm of GLA in Romania in H1-2024 at an over 9% reversionary yield. On a like-for-like basis, rental income grew 4.0%, 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 95.0% in 2023 to 97.4% in 2024. Consequently, the Net Rental Income increased 19.0% y-o-y.

在 CTP 投资组合产生的租金收入中，越来越多的部分受益于通胀保护。自 2019 年底起，集团的所有新租赁协议都包含双重指数化条款，即每年的租金涨幅按以下两项中的较高者计算：

• 每年固定增加 1.5%-2.5% ；或
• 消费者价格指数[2].

As at 31 December 2024, 71% 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 14.5%. New leases have been signed continuously above ERV’s, illustrating continued strong market rental growth and supporting valuations.

The annualised rental income came to €742.6 million as at 31 December 2024, an increase of 15.3% y-o-y, showcasing the strong cash flow growth of CTP’s investment portfolio.

2024 developments delivered with a 10.1% YoC and 92% let at delivery

CTP continued its disciplined investment in its highly profitable pipeline. In 2024, the Group completed a record number of 1.3 million sqm of GLA (2023: 1.2 million sqm). The developments were delivered at a YoC of 10.1%, 92% let and will generate contracted annual rental income of €83.4 million, with another €7.3 million of expected income when these reach full occupancy.

Some of the main deliveries during 2024 were: 169,000 sqm in CTPark Warsaw West (Poland), 120,000 sqm in CTPark Budapest Szigetszentmiklós (Hungary), 87,000 sqm in CTPark Ploiesti (Romania), 67,000 sqm in CTPark Bucharest West (Romania), 57,000 sqm in CTPark Warsaw South (Poland), 52,000 sqm in CTPark Novi Sad East (Serbia), 48,000 sqm in CTPark Zabrze (Poland), 44,000 sqm in CTPark Weiden (Germany), 37,000 sqm in CTPark Budapest Ecser (Hungary), 37,000 sqm In CTPark Žilina Airport (Slovakia).

While average construction costs in 2022 were around €550 per sqm, in 2023 and 2024 they came to €500 per sqm. 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 31 December 2024, the Group had 1.8 million sqm of buildings under construction with a potential rental income of €142 million and an expected YoC of 10.3%. CTP has a long track record of delivering sustainable growth through its tenant-led development in its existing parks. 80% of the Group’s projects under construction are in existing parks, while 7% are in new parks which have the potential to be developed to more than 100,000 sqm of GLA. Planned 2025 deliveries are 35% 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 2025 the Group is expecting to deliver between 1.2 – 1.7 million sqm, depending on tenant demand. The 80,000 sqm of leases that are already signed for future projects—construction of which hasn’t started yet—are a further illustration of continued occupier demand.

CTP’s landbank amounted to 26.4 million sqm as at 31 December 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. 57% of the landbank is located within CTP’s existing parks, while 33% is in, or is adjacent to, new parks which have the potential to grow to more than 100,000 sqm. 18% of the landbank was secured by options, while the remaining 82% 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 €60 per sqm and construction costs amount on average to approximately €500 per sqm, bringing total investment costs to approximately €620 per sqm. The Group’s standing portfolio, excluding the older former Deutsche Industrie REIT portfolio, is valued around €1,030 per sqm.

能源业务货币化

CTP 继续实施其光伏系统推广扩张计划。该集团的目标是这些投资的 YoC 为 15%，平均成本约为每兆瓦时 75 万欧元。

By year-end 2024, CTP had installed PV capacity of 138 MWp, of which 66 MWp is operational.

In 2024 the revenues from renewable energy came to €7.6 million, up 22% y-o-y.

随着越来越多的租户要求使用光伏系统，CTP 的可持续发展目标也随之实现，因为光伏系统可为租户提供 i) 更好的能源安全；ii) 更低的使用成本；iii) 符合更严格的法规；iv) 符合客户要求；v) 能够实现其自身的 ESG 目标。

Valuation results driven by pipeline and positive revaluation of standing portfolio

Investment Property (“IP”) valuation increased from €12.0 billion as at 31 December 2023 to €14.7 billion as at 31 December 2024, driven mainly by the transfer of completed projects from Investment Property under Development (“IPuD”) to IP, accretive acquisitions and positive revaluations.

IPuD decreased by 20.8% to €1.1 billion as at 31 December 2024, driven by a significant amount of deliveries in Q4-2024, and the start of new construction projects in Q1-2025.

GAV increased to €16.0 billion as at 31 December 2024, up 17.2% compared to 31 December 2023.

Revaluation in 2024 came to €941.5 million, driven by the positive revaluation of IPuD projects (+€380.4 million), landbank (+€61.2 million), and the standings assets (+€499.9 million). The like-for-like revaluation came to 5.9%, mainly driven by positive like-for-like ERV growth of 4.9%.

The Group’s portfolio has conservative valuation yields, with 70bps of reversionary yield widening in the last two and half years, bringing it to 7.1%. 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 over time, driven by the higher growth expectations for the CEE region.

CTP 预计，在租户需求持续增长的背景下，ERV 将进一步增长，而中东欧地区的长期增长动力将对这一需求产生积极影响。中东欧的租金水平仍然可承受；尽管增长强劲，但其绝对水平远低于西欧国家。按实际价格计算，许多中东欧市场的租金仍低于 2010 年的水平。

EPRA NTA per share increased from €15.92 as at 31 December 2023 to €18.08 as at 31 December 2024, representing an increase of 13.6%. The increase is mainly driven by the revaluation (+€1.98) and Company specific adjusted EPRA EPS (+€0.80), partly offset by the dividend paid out (-€0.57).

稳健的资产负债表和强劲的流动性

按照积极稳健的方针，集团拥有稳健的流动资金，以固定的债务成本和保守的还款方式，为实现增长目标提供资金支持。

During the year, the Group raised €2.4 billion:

• 与意大利和捷克银行财团签订的 1 亿欧元六年期担保贷款，固定总成本为 4.9%；
• 7.5 亿欧元六年期绿色债券，利率为 MS +220 个基点，票面利率为 4.75%；
• 与奥地利一家银行签订了一份 9000 万欧元的七年期担保贷款协议，固定总成本为 4.9%；
• 与斯洛伐克和奥地利银行财团签订了一份为期七年的 1.68 亿欧元担保贷款协议，固定总成本为 5.1%；
• A €75 million tap of the six-year green bond issued in February 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%;
• 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%;
• A €500 million eight-year green bond at MS +173 bps at a coupon of 3.875%; and
• A €50 million five-year green bond at MS +125 bps at a coupon of 3.427%.

During the year CTP also completed three bond tender offers, buying back €950 million of short-dated bonds, realizing a capital gain of €37.1 million, reducing 2025 and 2026 debt maturities and proactively extending its maturity profile. As the spreads came down, CTP negotiated margin reduction on €569.9 million and repaid another €378.8 million of secured bank loans.

The Group’s liquidity position stood at €2.2 billion, comprised of €0.9 billion of cash and cash equivalents, and an undrawn RCF, which was upsized from €550 million to €1.3 billion.

CTP’s average cost of debt stood at 3.09% (31 December 2023: 1.95%), with 99.9% 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).

集团第一笔即将到期的重要贷款为 2.72 亿欧元[3] 该债券将于 2025 年 6 月到期，将从可用现金储备中偿还。

CTP’s LTV came to 45.3% as at 31 December 2024, down from 46.0% at 31 December 2023, thanks to the equity raise in September 2024 and revaluation at the end of year.

The Group’s higher yielding assets, thanks to their gross portfolio yield of 6.6%, lead to a healthy level of cash flow leverage that is also reflected in the normalized Net Debt to EBITDA of 9.1x (31 December 2023: 9.2x), which the Group targets to keep below 10x.

The Group had 64% unsecured debt and 36% secured debt as at 31 December 2024, with ample headroom under its Secured Debt Test and Unencumbered Asset Test covenants.

随着债券市场定价合理化，目前条件比银行贷款市场的定价更具竞争力，这将使集团能够重新平衡无担保贷款。

In Q3-2024, both Moody’s and S&P confirmed, respectively, CTP’s Baa3 and BBB- credit rating with a stable outlook. In January 2025, CTP was assigned an A- credit rating with a stable outlook by the Japanese rating agency JCR.

指导

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 10.3%, thanks to decreasing construction costs and rental growth. The next stage of growth is built in and financed, with 1.8 million sqm under construction as at 31 December 2024, with a target to deliver between 1.2 – 1.7 million sqm in 2025.

CTP 稳健的资本结构、严格的财务政策、强大的信贷市场准入、行业领先的土地储备、内部建筑专业知识和深厚的租户关系使 CTP 能够实现其目标。在开发竣工、指数化和复归的推动下，CTP 预计到 2027 年租金收入将达到 10 亿欧元，并有望在本世纪末达到 2000 万平方米的 GLA 和 12 亿欧元的租金收入。

The Group sets a guidance of €0.86 – €0.88 Company-specific adjusted EPRA EPS for 2025. This is driven by our strong underlying growth, with around 4% like-for-like growth, partly offset by a higher average cost of debt due to the (re)-financing in 2024 and 2025.

股息

CTP proposes a final 2024 dividend of €0.30 per ordinary share, which will, subject to approval by the AGM, be paid on 15 May 2025. This will bring the total 2024 dividend to €0.59 per ordinary share, which represents a Company specific adjusted EPRA EPS pay-out of 74% – in line with the Groups’ dividend policy to pay-out 70%-80% – and  growth of 12.4% compared to 2023.

默认股息为以股代息，但股东可以选择以现金支付股息。

面向分析师和投资者的网络广播和电话会议

Today at 12:00 (GMT) and 13:00 (CET), the Company will host a video presentation and Q&A session for analysts and investors, via a live webcast and audio conference call.

要观看网络直播，请提前在以下网址注册：

https://www.investis-live.com/ctp/678e4096cddd8c000f42d182/mabgk

如需通过电话参加演讲，请拨以下任一号码并输入与会者接入代码 527498.

Germany                         +49 32 22109 8334
France                             +33 9 70 73 39 58
The Netherlands          +31 85 888 7233
United Kingdom           +44 20 3936 2999
United States               +1 646 233 4753
按 *1 可提问，按 *2 可撤回问题，按 *0 则可获得接线员帮助。

演讲结束后 24 小时内可在 CTP 网站上查阅录音： https://www.ctp.eu/investors/financial-reports/

CTP 财务日历
 

分析师和投资者咨询的详细联系方式：
投资者关系主管 Maarten Otte
手机： +420 730 197 500+420 730 197 500
电子邮件： maarten.otte@ctp.eu

媒体垂询联系方式：
Patryk Statkiewicz，集团营销与公关负责人
手机： +31 (0) 629 596 119+31 (0) 629 596 119
电子邮件： patryk.statkiewicz@ctp.eu

关于 CTP
CTP is Europe’s largest listed owner, developer, and manager of logistics and industrial real estate by gross lettable area, owning 13.3 million sqm of GLA across 10 countries as at 31 December 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

免责声明

The audit procedures by statutory auditors are in progress.

本公告包含若干有关 CTP 财务状况、经营业绩和业务的前瞻性陈述。这些前瞻性表述可以通过使用前瞻性术语来识别，包括 "相信"、"估计"、"计划"、"项目"、"预计"、"期望"、"打算"、"目标"、"可能"、"旨在"、"可能"、"会"、"可能"、"可以"、"可以有"、"将 "或 "应该 "等术语，或在每种情况下，其反义词或其他变体或类似术语。前瞻性陈述可能而且经常与实际结果存在实质性差异。因此，不应对任何前瞻性声明施加不当影响。本新闻稿包含 2014 年 4 月 16 日欧盟第 596/2014 号法规（《市场滥用法规》）第 7(1)条所定义的内部信息。

[1] 未经审计

^[2] 结合当地和欧盟 27 国/欧元区 CPI，上限数量有限。

^[3] 2024年6月28日要约收购结算后未偿还金额。