CPI Property Group (GPW: CPIPG) reported its first‑half 2026 results on September 7, showing a modest decline in core earnings. Adjusted EBITDA fell 7% year‑on‑year to €341 million and net rental income dropped 5% to €375 million. Gross rental income was €431 million, down 4% from the same period a year earlier. Like‑for‑like rental growth slowed to 2.1% from 2.6% in H1 2025, while the EPRA‑topped‑up net initial yield rose to 5.8%.
The company's share price fell 2.04% to $0.72 after the release, trading within its 52‑week range of $0.675 to $0.82. Revenue for the trailing twelve months stood at $1.56 billion, roughly a 10% decline YoY.
Asset‑side metrics remained robust. Total assets were €19.9 billion, with the property portfolio valued at €17.5 billion—a 2% dip from the end of 2025. The portfolio is weighted toward office assets (€7.8 billion, 44% of value) and retail (€5.0 billion, 28%). Geographic exposure is concentrated in the Czech Republic (30% of value) and Germany (17%). Overall occupancy stayed high at 92.4%, with retail at 98%, residential at 90% and offices at 88%.
Disposal activity was a key offsetting factor. CPI completed or signed €542 million of gross disposals in H1 2026, achieving an average price about 5% above book value. The group has sold €4.5 billion of non‑core assets between 2022 and 2025 and maintains a pipeline exceeding €2 billion, with more than €330 million in advanced stages. The upper end of the 2026 disposal target is set at €500‑750 million, and development‑for‑sale proceeds are expected to generate roughly €1 billion from 2027 onward.
Liquidity remains solid, with €1.6 billion available to cover all debt maturities through Q1 2028 and unsecured bond obligations to Q3 2030. The REIT completed €2.3 billion of financing year‑to‑date, including €1.4 billion in the first half, and reduced gross debt by €159 million. The unsecured revolving credit facility was expanded to €500 million and extended to 2030. Fixed‑rate debt accounts for 96% of the total, and unencumbered assets represent 45% of the balance sheet, giving a ratio of 178% to unsecured debt.
CEO David Greenbaum said disposals are intended not only to lower leverage but also to reshape the portfolio toward higher‑return assets, adding that a return to the bond market is not expected “anytime soon.”
