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Investing.com -- CTP NV delivered strong first-half 2025 results, with like-for-like rental growth accelerating to 4.9%, up from 4.2% in Q1 and 4% for full-year 2024.
The property company reported gross rental income of €367.2 million, representing a 14.4% increase year-over-year.
This growth was driven by a combination of indexation and reversion, with reversionary potential increasing to 14.9% compared to 14.4% in Q1 2025.
CTP maintained a stable occupancy rate of 93%, unchanged from Q1 2025 and year-end 2024.
The company signed 11% more leases than in H1 2024, totaling 1,015,000 square meters, while the average monthly rent per square meter rose to €5.98 from €5.68 at the end of 2024.
The company confirmed its 2025 guidance, expecting adjusted EPRA earnings per share between €0.86 and €0.88, representing 8-10% growth year-over-year.
During the first half, CTP delivered 224,000 square meters of space at a 10.3% yield on cost with a 100% let ratio.
The company maintains its target to deliver between 1.2 million and 1.7 million square meters in 2025, with current planned deliveries 53% pre-let.
Property valuations increased 4% on a like-for-like basis in H1 2025, driven by 2.5% ERV growth. The net revaluation result on the portfolio was €597.9 million, with €374 million for standing assets.
The total portfolio value increased 7.2% to €17.1 billion.
The Group’s EPRA NTA per share rose 7.1% in the first half to €19.36, up from €18.08 at year-end 2024.
Leverage remained stable with a loan-to-value ratio of 44.9%, compared to 45.3% at the end of 2024.
The interest coverage ratio stood at 2.4x, while the average cost of debt was 3.2%, up from 3.09% in 2024.
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