NEPI ROCKCASTLE (NRP) Q1 2025 earnings summary

Executive summary

• Net operating income rose 12.6% to €152 million in Q1 2025 versus Q1 2024, driven by acquisitions in Poland and asset management initiatives.

• Like-for-like NOI increased 5%, with tenant sales up 3.7% (LFL, excluding hypermarkets) and average basket size up 9.7%.

• EPRA retail vacancy was 1.7% and rent collection reached 98% for Q1 2025.

• Portfolio value stood at €7.9 billion as of 31 March 2025.

Financial highlights

• Cash and available committed credit facilities totaled nearly €1.2 billion at quarter-end.

• Loan-to-value ratio was 31.2% as of 31 March 2025, rising to 32.9% after April dividend payment.

• Average cost of debt was 3.2% in Q1 2025; 14% of debt exposed to variable rates.

• Gearing ratio (interest-bearing debt less cash/investment property) was 31.2%.

Outlook and guidance

• Distributable earnings per share for 2025 expected to be approximately 1.5% higher than 2024, with a 90% dividend payout ratio.

• Guidance assumes current trading trends continue and excludes major political or macroeconomic disruptions.