NEPI Rockcastle says it reached a record-breaking net operating income (NOI) of €556 million during 2024, a 13.2% increase compared to the previous year, over strong retailer sales and resilient consumer demand in CEE.
At the same time, the group’s portfolio value has risen to almost €8 billion, spread across 60 projects in eight countries.
The company achieved significant growth in tenant sales, leading to increased base rents and a 15% rise in turnover rent compared to 2023. In addition, distributable earnings per share (DEPS) reached 60.17 euro cents, reflecting a 5.6% increase from 2023.
Last year, the group purchased prime retail properties in Poland, including Magnolia Park in Wroclaw and Silesia City Center in Katowice. To finance these acquisitions, NEPI Rockcastle successfully raised €800 million from the capital markets towards the end of 2024. At the same time, it ended 2024 with €1.1 billion in liquidity (including unused credit facilities).
"Our robust financial performance reflects the operational excellence of our portfolio and the strength of consumer demand in Central and Eastern European markets," said Rüdiger Dany, CEO of NEPI Rockcastle. "We strive through active asset management to constantly improve our properties and make them even more attractive for both retail brands and consumers. As a result, we managed to bring down vacancy to 1.7% across the portfolio -- a remarkable achievement," Dany.
Beyond acquisitions, NEPI Rockcastle has a development pipeline of 187,900 sqm, representing a total investment cost of nearly €788 million. This pipeline includes extensions and redevelopments of existing assets, as well as green energy investments, and is expected to deliver significant growth in the coming years.
Meanwhile, in Q4 2024, the group acquired two project companies holding land rights, building permits and grid connection permits for photovoltaic projects with a cumulated capacity of 159 MW. These investments, estimated at €110 million in total, are expected to generate a return on capital roughly relative to retail developments.
