NEPI Rockcastle, Europe’s third largest listed retail real estate company by portfolio value, registered in 2024 the highest distributable earnings (both in absolute terms and per share) and net operating income in its history.
In 2024, NEPI Rockcastle acquired two of the most attractive retail properties in Poland, Magnolia Park in Wroclaw and Silesia City Center in Katowice, which will significantly contribute to growth in coming years.
NEPI Rockcastle invested over EUR 140 million in developments, photovoltaic plants and capital expenditure in 2024. The Company has a development pipeline totalling 187,900 m2 GLA, with a total investment cost of almost EUR 788 million.
Investment property as of 31 December 2024 was valued at EUR 7.9 billion, compared to EUR 6.8 billion at the end of 2023. The increase is mostly due to acquisitions made during the year and positive fair value adjustments of EUR 195 million.
Gross rental income grew 10.9% to EUR 566 million in 2024 from EUR 510 million in 2023. Base rent was up 7.8%, driven by indexation, rental uplifts and higher occupancy, while strong tenant sales led to a 15.3% increase in overage and turnover rent.
Tenant turnover increased by 8.5% (excluding hypermarkets) compared to 2023 on a LFL basis. Also, the average basket size increased by 8%, in line with prior year trends, despite lower inflation.
