CPI Property Group Releases First Half 2024 Financial Results

CPI Property Group (CPIPG), a prominent European landlord, has announced its unaudited financial results for the first half of 2024 ending on June 30. The report highlighted consistent rental income growth amidst strategic disposals and portfolio adjustments.

Total assets stood at €21.2 billion with EPRA NRV at €6.8 billion. The property portfolio was valued at €18.6 billion, down from €19.5 billion at the end of 2023, influenced by disposals, valuation declines, and FX movements, partially offset by CapEx investments. Year-to-date disposals amounted to €980 million with additional sales expected to close soon.

Net rental income grew by 5.0% despite asset sales, reaching €418 million driven by a 4.4% like-for-like rental growth. Consolidated adjusted EBITDA was €395 million, and FFO1 totaled €200 million. Occupancy remained stable at 91.3% with a WAULT of 3.4 years. The EPRA topped-up net initial yield increased by 0.3% to 5.7%.

CPIPG's net LTV improved to 50%, down 2.3 percentage points from year-end 2023. Total available liquidity was €1.7 billion, sufficient to cover bond maturities for the next two years. The group also issued a €500 million 5-year green bond in May 2024, repaying the remaining bridge facility. Additionally, a €250 million equity investment was completed in part of the Polish portfolio.

An investigation by Global Law firm White & Case found no evidence to substantiate allegations made by a short seller. A complete separate update is available on the company's website.