CTP CFO, Richard Wilkinson, explains the numbers behind our success
CTP has demonstrated continued strength throughout the ongoing COVID-19 pandemic on both the operational as well as financial fronts. Over the year 2020, CTP’s 22nd years of profitable growth, the company showed double digit progress on net rental income, Adjusted EBITDA and Adjusted EPRA Earnings.
These developed favourably with increases of +17%, +12% and +18% respectively, when compared to 2019. In completing approximately 585k sqm of new property developments during 2020, CTP increased its GAV by +11% to EUR 5.9 billion, with a solid EPRA Net Tangible Assets of EUR 2.8 billion, representing an increase of +10% over the year.
Strong portfolio growth of 15.3%, robust occupancy rates and € 344 million of annualized rental income, were driven by several factors, including current CEE logistics space demand, and other tailwinds such as growing e-commerce, nearshoring and resilient value chains. At end 2020, CTP owned and operated a modern network of 70 premium multi-use business parks of 5.9 million m² in size and with total gross asset value of € 5.9 billion. The 10 biggest parks now constitute 58% of total GLA, and are well located to serve capitals and strategic logistics hubs. Looking further ahead we remain ambitious: as of March 2021 we have approx. 1 million m² under development, of which 62% is already pre-let and we are well on our way to our 10-23 target: to have above 10 million m² of GLA by 2023.
CTP Head of Funding and Investor Relations, Jan-Evert Post, tells us about our new financing model with our Green Bonds
CTP’s financial highlights 2020
Top 5 Clients as a % of GRI
CTP's Top 5 clients represent just under 10% of rental income, demonstrating the resilience of our tenant profile.