NEPI Rockcastle continued to set new records in 2024, reporting its highest distributable earnings and net operating income (NOI) in the Group’s history.
Its 11.8% increase in distributable earnings (5.6% on a per share basis) exceeded guidance with its portfolio value at yearend almost reaching €8 billion, consolidating NEPI’s position as one of the largest and fastest-growing retail property landlords in Europe.
The 13.2% increase in NOI in 2024 was driven by higher tenant sales, allowing the Group to raise base rents and collect more turnover rent – up by 15% when compared to 2023. Its occupancy cost ratio has remained at the same level since 2022. The Group reduced its vacancies to 1.7% across its portfolio.
NEPI acquired two retail properties in Poland, Magnolia Park in Wroclaw and Silesia City Centre in Katowice which were financed by a €800 million capital raise towards the end of 2024.
To maintain its loan-to-value (LTV) ratio below 35%, NEPI paired its €500 million green bond issue with a €300 million equity raise – the first since 2017.
The Group ended 2024 with an LTV of 32.1% and €1.1 billion in liquidity (including unused revolving credit facilities).
NEPI’s Board declared a dividend of 27.05 cents per share for H2 2024, corresponding to a 90% dividend pay-out ratio.
