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• Total Assets: EUR20.6 billion at year-end 2024.

• Property Portfolio Value: EUR18.2 billion.

• Disposals: EUR1.6 billion of gross proceeds and cash advances in 2024.

• Liquidity: EUR1.5 billion at year-end 2024.

• Loan-to-Value (LTV): 49.6% at year-end 2024.

• Contracted Gross Rents: More than EUR900 million.

• EBITDA: EUR747 million.

• Funds From Operations (FFO): EUR357 million.

• Occupancy Rate: 92.1% overall; 88.6% in office segment; 97.1% in retail.

• Net Debt to EBITDA: Improved metric, specific figure not provided.

• Interest Coverage Ratio (ICR): 2.4 times.

• Unencumbered Assets: 49% of total assets.

• Office Portfolio Occupancy: 88.6% with rising rents in several markets.

• Retail Parks Occupancy: Close to 100%.

• Hotel Portfolio RevPAR Growth: 15.5% increase in 2024.

• Residential Portfolio: Net income declined due to disposals; occupancy affected by refurbishments.

• Disposal Pipeline: EUR3 billion under consideration, with a target of EUR1 billion in 2025.

• Green Bonds Issued: EUR1.35 billion in 2024.

• ESG Initiatives: Improved CDP score to A; 39% of portfolio green-certified by GLA.

• Warning! GuruFocus has detected 6 Warning Signs with XTER:O5G.

Release Date: April 07, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• CPI Property Group SA (XTER:O5G) achieved significant progress in 2024 by maintaining operational excellence, strengthening its capital structure, streamlining its business, and making sensible changes to corporate governance.

• The company's office properties in Central and Eastern Europe continue to benefit from solid tenant demand and robust leasing activity.

• CPI Property Group SA (XTER:O5G) completed EUR1.6 billion of disposals in 2024, repaid over EUR1 billion of gross debt, and signed a new revolving credit facility, resulting in a strong liquidity position.

• The retail segment performed excellently with a 97.1% occupancy rate, driven by strong consumer activity and limited new construction in the region.

• The hotel portfolio showed strong operational results with a 15.5% annual RevPAR growth, driven by increased travel demand and strategic revenue management.

Negative Points

• Offices in Berlin and Budapest are facing challenges, with Berlin experiencing a decline in occupancy due to the weaker German economy and increased work-from-home trends.

• The company's leverage remains a concern, with an LTV of 49.6% at year-end, and efforts are ongoing to bring it down to investment-grade levels.

• CPI Property Group SA (XTER:O5G) lost its investment-grade rating in 2024, with both S&P and Moody's downgrading the company to non-investment grade.

• The company's ICR is lower than desired at 2.4 times, and there is a focus on improving this metric through disposals and debt repayment.

• The residential segment saw a decline in net income due to the sale of noncore assets and a temporary drop in occupancy due to refurbishments.