CTP N.V. recorded gross rental income of €632.0 million in the first nine months of 2026, a 12.5% increase year-on-year, driven by new deliveries and like-for-like rental growth of 4.8%. Annualised rental income reached €871 million at 30 September 2026, with the company reiterating its target of €1.0 billion by 2027. Occupancy remained stable at 93%, with a weighted average unexpired lease term of 6.3 years.
CTP signed a record 1,943,000 sqm of leases in the nine-month period, up 23% from 1,577,000 sqm in the same period of 2025. Of these, 779,000 sqm were renewals or expansions and 1,164,000 sqm were new leases, with 63% signed with existing clients. Average monthly rent on leases signed was €5.63 per sqm in Q3-2026, broadly flat year-on-year, while average rents on 9M-2026 leases rose 1% year-on-year after adjusting for country mix.
During the period, CTP delivered 561,000 sqm at a yield-on-cost of 10.0%, with 93% leased at completion, adding €23.4 million of contracted annual rental income. At 30 September 2026, the group had 1,677,000 sqm under construction, representing €130 million of potential annual rental income at an expected yield-on-cost of 10.0%. Full-year 2026 deliveries are now expected at the lower end of the previously announced range of 1.4 million to 1.7 million sqm, reflecting project timing and a tenant-led approach to development.
Company-specific adjusted EPRA earnings rose 9.8% year-on-year to €365.2 million, with earnings per share of €0.75, up 7.4% on a restated basis. EPRA net tangible assets per share stood at €20.78, up 4.0% year-on-year. The group reiterates its full-year 2026 company-specific adjusted EPRA EPS guidance of €1.01 to €1.03. CTP also announced a share buyback programme of up to €100 million, to be executed over 12 months.
The group completed €2.2 billion of financing and refinancing transactions in the nine-month period, including a €500 million green bond issued in August at a 3.625% coupon. Liquidity stood at €2.1 billion at 30 September 2026, with 99.9% of debt fixed or hedged, an average cost of debt of 3.3% and a leverage ratio of 46.6%, above the medium-term target range of 40% to 45%. The group has no plans to raise equity to fund its development programme.
"Thanks to our clients and teams, we have been able to deliver strong results in the first nine months, with leasing activity up 23% year-on-year," said Remon Vos, CEO of CTP. "The cash flow generation from our income producing portfolio continues to increase and is on track to reach €1 billion of annualised rental income in 2027, driven by continued rental growth and deliveries coming online."
