CTP falls as delivery concerns overshadow record leasing

CTP NV

Yesterday 10:13

** Shares in CTP CTPNV.AS are down nearly 3% after the logistics property group reported record leasing but said 2026 deliveries remain heavily back-end loaded  
** CTP delivered 561,000 sqm in the first nine months of the year, flat year-on-year, and said it is now aiming for the lower end of its full-year guidance of 1.4-1.7 million sqm 
** Jefferies notes the record leasing of 1.94 million sqm, +23% year-on-year, but points out that execution remains a concern
** As deliveries remain heavily back-end loaded, the brokerage sees a "growing possibility that the target may once again prove challenging to achieve"
** Jefferies also flags a smaller construction pipeline, stable rents through year-end and a loan-to-value ratio of 46.6% above the 40%-45% target range 
** CTP reiterates 2026 EPS guidance of €1.01-€1.03, but Jefferies sees increasing risk that growth is supported by capitalized interest
     

(Reporting by Ronan Corcoran)
((ronan.corcoran@thomsonreuters.com))