NEPI ROCKCASTLE (NRP) Q2 2024 earnings summary

Executive summary

• Achieved record H1 2024 results with NOI up 13.5% to €274 million and distributable EPS up 5.6% to 30.12 eurocents, driven by strong retail demand, high occupancy, and effective asset management across a portfolio of 59 assets in nine CEE countries.

• Portfolio value reached €7 billion, with a €134 million fair value gain and EPRA NAV per share up 3.6% to €7.23.

• Strategic focus on asset rotation, value-enhancing acquisitions, and expansion into green energy and residential developments.

• Dividend yield at 8%, with a 90% payout ratio and 27.11 eurocents per share distributed.

• Poland and Romania are the largest markets, benefiting from above-average regional economic growth and EU/NATO investments.

Financial highlights

• NOI increased by 13.5% year-over-year to €274 million in H1 2024; like-for-like NOI up 10%.

• Distributable earnings per share rose 5.6% to 30.12 eurocents; total distributable earnings reached €199 million.

• Investment property value surpassed €7 billion, with a 2.9% increase since Dec 2023.

• Turnover per square meter up 2.8%; average customer spend up 8.7%.

• EPRA NAV per share up 3.6% to €7.23; share price up 24.9% year-over-year.

Outlook and guidance

• Raised full-year distributable EPS growth guidance to 5.5% due to strong operational performance and purchasing power.

• Majority of €870 million development pipeline to be delivered by end of 2026, with new income streams from green energy and residential projects.

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

• Confident in delivering further growth, supported by robust balance sheet and liquidity.