CTP is hosting its 2023 Capital Markets Day in Brno, Czech Republic, followed by asset tours visiting CTParks in the Czech Republic, Poland, Austria, Slovakia, and Hungary. The company also announced FY-2024 guidance and reaffirmed that it's on track to reach 20 million sqm of GLA before the end of the decade
Guidance
CTP expects company-specific adjusted EPRA EPS for FY-2024 to be in the range of €0.80 - €0.82, up 11% - 14% from the Group’s guidance for FY-2023 of €0.72.
The guidance assumes a like-for-like rental growth of around 5%, driven by indexation and reversion on renegotiations and expiring leases, deliveries between 1 – 1.5 million in 2024 and a higher average cost of debt.
The Group maintains its dividend policy, paying out 70-80% of its Company-specific adjusted EPRA EPS. The default is a scrip dividend, shareholders can opt for a payment of the dividend in cash.
Medium-term growth targets
The Group also confirms its medium-term growth targets, as it is on track to reach 20 million sqm of GLA and over €1.2 billion of rental income before the end of the decade.
The Group’s financial framework remains LTV target between 40-45%, target yield on cost of 11%, WAULT above 6 years and occupancy around 95%.
Remon Vos, CEO said: “Since its IPO in 2021, CTP has delivered on its strategy and outperformed the initial targets set, thanks to the Company’s disciplined and profitable growth trajectory. We expect a Company-specific adjusted EPRA EPS for FY-2024 in the range of €0.80 - €0.82, continuing to deliver double-digit EPS growth. CTP is also on track to reach 20 million sqm of GLA and over €1.2 billion in rental income before the end of the decade.
At the centre of our strategy for growth is CTP's deep-rooted, market-leading position throughout the CEE region, where we are seeing continued strong demand. The industrial and logistics sector in CEE benefits from structural demand drivers, such as the professionalisation of supply chains, e-commerce, and occupiers seeking to enhance the resilience of their supply chains through nearshoring and friend-shoring, with production in Europe for Europe, as the CEE region offers the best cost location.
The Group’s 11 million sqm standing portfolio, 1.8 million sqm pipeline, 20.7 million sqm landbank and strong relationships with its over 1,000 tenants, provide a sizable and resilient foundation from which to further expand our footprint. Together with our solid capital structure, proven business model and dynamic entrepreneurial culture, we are excited about the opportunity ahead and confident in CTP’s ability to deliver on its ambitions and provide shareholders with attractive income and capital growth.”
