NEPI Rockcastle delivered strong operational performance in the third quarter of 2025, with net operating income rising 12.3% year-on-year to €461.3 million for the first nine months. The retail real estate company maintained low vacancy rates at 1.6% and achieved collection rates of 99%.
Like-for-like tenant sales increased 3.5% year-on-year, while footfall declined slightly by 0.6%. Average spend per visitor rose 9% overall and 4.6% on a like-for-like basis. The occupancy cost ratio improved to 12.7% from 13.1% in the first half of 2025.
"The Group's performance over the first nine months of 2025 underscores the strength of our platform and the quality of our assets across Central and Eastern Europe," said CEO Rüdiger Dany. "We delivered healthy rental growth, maintained very low vacancy, and we continued to focus on enhancing the experience of customers visiting our properties."
In September, the company completed a €500 million green bond issue with an 3.875% coupon, which was oversubscribed with demand exceeding €4 billion from over 200 investors. The proceeds were used to refinance upcoming maturities in 2026 and 2027. The company maintains a loan-to-value ratio of 31.4%, below its 35% strategic threshold.
The board appointed Marek Noetzel as CEO effective 1 April 2026, succeeding Rüdiger Dany whose mandate concludes on 31 March 2026. Noetzel has served as COO since 2022 and has been responsible for operations across 60 properties in eight CEE countries. The company reaffirmed its guidance that distributable earnings per share will be 2.5% to 3% higher than 2024.
