CTP NV confirms 2026 guidance despite back-end loaded deliveries

CTP NV on Thursday reported record leasing activity of 1.94 million square meters during the first nine months of 2026, up 23% year-over-year, while maintaining its full-year earnings guidance despite concerns over delivery timing and leverage levels.

Gross rental income rose 12.5% year-over-year to €632 million, with like-for-like growth of 4.8%. Annualized rental income reached €871 million, supporting the company’s €1 billion rental income target for 2027. The occupancy rate remained stable at 93%.

The company delivered 561,000 square meters in the first nine months of 2026, flat compared to the prior year, at a 10% yield on cost and 93% let ratio. CTP confirmed its guidance to deliver between 1.4 million and 1.7 million square meters in 2026, aiming for the lower end of this range at approximately 1.5 million square meters.

The construction pipeline declined to 1.68 million square meters from 2 million square meters in both the first half of 2026 and full year 2025.

Company-specific adjusted EPRA earnings increased 9.8% year-over-year to €365.2 million, or €0.75 per share. CTP maintained its 2026 guidance for adjusted EPRA earnings per share of between €1.01 and €1.03, including capitalized interest. Capitalized interest reached approximately €28 million in the first half of 2026, compared to €17 million in the first half of 2025.

Average monthly rent on signed leases declined to €5.63 per square meter in the third quarter from €5.89 in the second quarter. On a country-mix-adjusted basis, average rents on leases signed in the first nine months rose 1% year-over-year.

CTP expects rental values to remain stable for the remainder of 2026, with rental growth anticipated to resume in 2027.

The loan-to-value ratio stood at 46.6%, above the company’s target range of 40% to 45%. The interest coverage ratio remained at 2.5 times, while normalized net debt to EBITDA was 9.5 times. The average cost of debt was 3.3%.

EPRA net tangible assets per share increased 1.9% year-to-date to €20.78.