CTP: Adjusted EPRA result up 9.8% over nine months, net income down
CTP published on October 29, 2026 an adjusted EPRA result up 9.8%, at €365.2m, and confirmed its earnings per share target for 2026. Accounting net income fell 62.9%, at €320.1m, as the contribution of asset revaluations declined from €774.4m to €56.0m.
For this central European logistics warehouse real estate company, the gap reflects the nature of the two aggregates. The adjusted EPRA result measures current rental activity, while net income incorporates changes in property values. Over the first nine months, the first component progressed and the second declined.
Gross rental income of €632m, up 12.5%
Gross rental income reached €632.0m over the first nine months of 2026, compared to €562.0m a year earlier. On a like-for-like basis, the increase is 4.8%, driven by indexation and rental revisions, to which is added the contribution of new deliveries. Net rental income advances 12.8%, to €619.0m.
The company's adjusted EPRA result stands at €0.75 per share, up 7.4% on a basis adjusted for interest capitalization on development projects. EPRA NTA net asset value per share comes in at €20.78, up 4.0% year-on-year and 1.9% since end-2025.
Annualized rents reach €871m as of September 30, 2026. The occupancy rate is stable at 93%, the average residual lease term increases from 6.1 years at end-2025 to 6.3 years, and the rental collection rate stands at 99.3%.
Asset revaluation reduced to €56m, weighing on net income
The decline in net income stems from the valuation result of buildings. Development projects generated a gain of €215.3m, but operating assets recorded a negative change of €150.3m and the land reserve a negative change of €9.0m.
The company anticipates market rental values to be globally stable by end-2026, then a recovery in their growth in 2027. The rent reversion potential stands at 14.3% as of September 30, 2026.
On the commercial side, CTP signed 1,943,000 m² of leases over nine months, up 23%, a volume it presents as a record. The third quarter alone represents 368,000 m², compared to 562,000 m² a year earlier, after 762,000 m² and 813,000 m² in the first two quarters.
The average monthly rent of signed leases comes in at €5.63 per m² in the third quarter, versus €5.64 a year earlier, and advances 1% over nine months at constant geographic mix. Approximately 63% of new leases were concluded with existing customers.
2026 target of €1.01 to €1.03 per share confirmed
CTP reiterated its forecast of an adjusted EPRA result per share of €1.01 to €1.03 for 2026, representing growth of 9% to 11% compared to adjusted 2025. The company subsequently anticipates double-digit growth in this indicator.
2026 deliveries are now expected in the lower end of the 1.4 to 1.7 million m² range. Over nine months, 561,000 m² were delivered with a yield on cost of 10.0%, leased at 93%. The 1.7 million m² under construction represent potential for €130m in annual rents.
As of September 30, 2026, liquidity stands at €2.1bn and the debt ratio reaches 46.6%, above the medium-term target of 40% to 45% that the group intends to gradually return to. Available cash fell from €708.4m at end-2025 to €404.5m, notably after the repayment in September of a €275m bond.
In October, CTP launched a share buyback program potentially reaching €100m over twelve months, when the stock was down 32% year-on-year as of October 14, 2026. The group targets €1bn in annualized rents in 2027, compared to €871m as of September 30, 2026.
