NEPI Rockcastle, the biggest owner and developer of shopping centres in CEE by market value, said its net operating income soared by 17% to a record of €405 million compared to 2021 over strong tenant turnover and base rental growth.
At the same time, the group’s gross rental income increased by 14.3% year-on-year to €422 million in 2022 driven by rental uplifts, higher occupancy and significantly higher tenant sales.
“Despite the opaque economic outlook, we do not anticipate the momentum of NEPI Rockcastle’s growth slowing this year. The major investments we made in 2022, particularly in the high-performing, dominant Forum Gdansk and Copernicus shopping centres in the Polish market, will significantly contribute to operating income in the months ahead,” said Rüdiger Dany, NEPI Rockcastle’s CEO.
He added that tenant demand for the group’s retail space is very strong as many international retailers entered new markets or expanded their presence in CEE countries.
The CEO went on to say that “we remain positive about the prospects for the business in 2023.”
At the end of 2022, the group’s liquidity position totalled €671 million, of which €251 million was cash and the rest undrawn committed credit facilities.
The group’s investment property was valued at €6.6 billion in 2022, compared to €5.8 billion at the end of 2021.
