Trump's favorability has fallen among AAPI adults since last year, AAPI Data/AP-NORC poll finds
The percentage of Asian Americans, Native Hawaiians and Pacific Islanders with an unfavorable opinion of Trump rose to 71% in July, from 60% in December, according to a national survey by AAPI Data and The Associated Press-NORC Center for Public Affairs Research.
Notably, AAPI adults who describe themselves as independent are especially likely to have cooled on the president. About 7 in 10 AAPI independents have a 'very' or 'somewhat' unfavorable opinion of Trump, up roughly 20 percentage points since December.
The poll is part of an ongoing project exploring the views of Asian Americans, Native Hawaiians and Pacific Islanders, whose views are usually not highlighted in other surveys because of small sample sizes and lack of linguistic representation.
AAPI independents' unfavorable view of Trump is higher than his unfavorable rating among independent adults overall, which was 52% in a June AP-NORC poll, having nudged slightly higher from 44% in December.
Economic concerns could be playing a central role. About 8 in 10 AAPI adults expect Trump's tariff policies will increase the cost of consumer goods, the poll found, while only about 4 in 10 think those policies will boost domestic manufacturing and just 2 in 10 anticipate more U.S. jobs as a result.
'To me, it seems like a lot of not-really-well-thought-out things that are happening,' said Michael Ida, a 56-year-old independent in Hawaii who teaches high school advanced-placement calculus. 'In the process, there's a lot of collateral damage and fallout that's hurting a lot of people.' Ida was referring specifically to government spending cuts, including for education.
AAPI adults represent a small segment of the U.S. population, making up about 7% of the nation's residents in 2023, according to a Pew Research Center analysis of government data. Likewise, they are hardly a pro-Trump voting bloc generally. In last year's election, English-speaking Asian U.S. voters shifted slightly toward Trump, but with only about a third supporting him, up from 29% in 2020, according to AP VoteCast.
The new poll also suggests that they are especially likely to be worried about the economy's trajectory, and remain anxious about high costs.
About two-thirds of AAPI adults, 65%, say they are 'extremely' or 'very' concerned about the possibility of the U.S. economy going into a recession, higher than the 53% of the Americans generally who said the same in an April AP-NORC survey.
'On the economy, you saw AAPI voters shift — not in a big way, but shift nonetheless — toward Trump' in the 2024 election, said Karthick Ramakrishnan, executive director of AAPI Data and researcher at the University of California, Berkeley. 'They are not seeing big economic benefits pan out. Quite the contrary, they are seeing big economic risks on the horizon based on Trump's action on tariffs.'
Shopan Hafiz, a 39-year-old independent and engineer at Intel in Oregon, described his view of Trump as 'very unfavorable,' and bemoaned the Republican president's tariff policy which he expected to hit American consumers harder in the coming months.
'With all the tariffs, I don't think it's going to help,' Hafiz said. 'All the tariffs will ultimately be paid by U.S. nationals, and inflation is going to get worse.'
The poll comes in the midst of Trump's on-and-off threats to impose tariffs for what he says is his goal of leveling the nation's trade imbalance. Inflation rose in June to its highest level since February as Trump's tariffs pushed up the cost of household goods, from groceries to appliances.
Consumer prices rose 2.7% in June from a year earlier, the Labor Department said last week, up from an annual increase of 2.4% in May. On a monthly basis, prices climbed 0.3% from May to June, after rising just 0.1% the previous month.
Like Hafiz, Ida, the teacher in Hawaii, did not vote for Trump last year. Instead, both voted for Libertarian Party nominee Chase Oliver. Hafiz's decision was in opposition to the two major U.S. parties' support for Israel in its war in Gaza. Ida said the two major parties had become 'too extreme.'
Ida is among the roughly two-thirds of AAPI adults who say they are at least 'very concerned' about the cost of groceries. He's noticed fear of higher prices in his Pacific island state, and even more within the ethnic businesses, in light of Hawaii's reliance on shipped goods.
'Here in Hawaii, because we're so isolated, everything comes on a ship or a plane,' he said. 'We're especially vulnerable to prices rising and disruptions in the supply chain. There's definitely some anxiety there.'
___
The poll of 1,130 U.S. adults who are Asian American, Native Hawaiian and Pacific Islanders was conducted June 3-11, 2025, using a sample drawn from NORC's probability-based Amplify AAPI Panel, designed to be representative of the Asian American, Native Hawaiian, and Pacific Islander population. Online and telephone interviews were offered in English, the Chinese dialects of Mandarin and Cantonese, Vietnamese and Korean. The margin of sampling error for all respondents is plus or minus 4.7 percentage points.
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Average monthly rent leases signed per sqm (€) Q1 Q2 YTD Q3 Q4 FY 2023 5.31 5.56 5.47 5.77 5.81 5.69 2024 5.65 5.55 5.59 5.69 5.79 5.68 2025 6.17 5.91 5.98 Expand Around two-thirds of leases signed were with existing tenants, in line with CTP's business model of growing with existing tenants in existing parks. Cashflow generation through standing portfolio and acquisitions CTP's average market share in the Czech Republic, Romania, Hungary, and Slovakia came to 28.2% as at 30 June 2025 and it remains the largest owner and developer of industrial and logistics real estate assets in those markets. The Group is also the market leader in Serbia and Bulgaria. With more than 1,500 clients, CTP has a wide and diversified international tenant base, consisting of blue-chip companies with strong credit ratings. CTP's tenants represent a broad range of industries, including manufacturing, high-tech/IT, automotive, e-commerce, retail, wholesale, and 3PLs. The tenant base is highly diversified, with no single tenant accounting for more than 2.5% of the Company's annual rent roll, which leads to a stable income stream. CTP's top 50 tenants only account for 36.0% of its rent roll and the vast majority of clients rent space in multiple CTParks. The Company's occupancy came to 93% (FY-2024: 93%). The Group's client retention rate remains strong at 85% (FY-2024: 87%) and demonstrates CTP's ability to leverage long-standing client relationships. The portfolio WAULT stood at 6.2 years (FY-2024: 6.4 years), in line with the Company's target of >6 years. Rent collection level stood at 99.7% in H1-2025 (FY-2024: 99.8%), with no deterioration in the payment profile of tenants. Rental income in H1-2025 amounted to €367.2 million, up 14.4% y-o-y on an absolute basis, mainly driven by deliveries and like-for-like growth. On a like-for-like basis, rental income grew 4.9%, thanks to indexation and reversion on renegotiations and expiring leases. The Group has put measures in place to limit service charge leakage, which resulted in the improvement of the Net Rental Income to Rental Income ratio from 97.8% in H1-2024 to 98.1% in H1-2025. Consequently, the Net Rental Income increased 14.8% y-o-y. An increasing proportion of the rental income generated by CTP's investment portfolio benefits from inflation protection. Since end-2019, all the Group's new lease agreements include a CPI linked indexation clause, which calculates annual rental increases as the higher of: a fixed increase of 1.5%–2.5% a year; or the Consumer Price Index 2. As at 30 June 2025, 72% of income generated by the Group's portfolio includes this double indexation clause, and the Group expects this to increase further. The reversionary potential came to 14.9%. New leases have been signed continuously above the Estimated Rental Value ('ERV'), illustrating continued strong market rental growth and supporting valuations. The annualised rental income came to €757 million as at 30 June 2025, an increase of 11.5% y-o-y, showcasing the strong cash flow growth of CTP's investment portfolio. H1 developments delivered with a 10.3% YoC and 100% let at delivery CTP continued its disciplined investment in its highly profitable pipeline. In H1-2025, the Group completed 224,000 sqm of GLA (H1-2024: 328,000 sqm). The developments were delivered at a YoC of 10.3%, 100% let and will generate contracted annual rental income of €12.1 million. As usual, the deliveries in 2025 are skewed to the fourth quarter. While average construction costs in 2022 were around €550 per sqm, in 2023 and 2024 they came to €500 per sqm and remained stable in H1-2025. This allows the Group to continue to deliver its industry-leading YoC above 10%, which is also supported by CTP's unique park model and in-house construction and procurement expertise. As at 30 June 2025, the Group had 2.0 million sqm of buildings under construction with a potential rental income of €160 million and an expected YoC of 10.3%. CTP has a long track record of delivering sustainable growth through its tenant-led development in its existing parks. 79% of the Group's projects under construction are in existing parks, while 9% are in new parks which have the potential to be developed to more than 100,000 sqm of GLA. Planned 2025 deliveries are 53% pre-let, up from 35% as at FY-2024. Pre-let in existing parks stood at 47%, while the new parks pre-let was at 80%, showcasing the low risk embedded in the pipeline. CTP expects to reach 80%-90% pre-letting at delivery, in line with historical performance. As CTP acts as general contractor in most markets, it is fully in control of the process and timing of deliveries, allowing the Company to speed-up or slow-down depending on tenant demand, while also offering tenants flexibility in terms of their building requirements. In 2025 the Group is expecting to deliver between 1.2 – 1.7 million sqm, depending on tenant demand. The 106,000 sqm of leases that are already signed for future projects — construction of which hasn't started yet — are a further illustration of continued occupier demand. CTP's landbank amounted to 26.1 million sqm as at 30 June 2025 (31 December 2024: 26.4 million sqm), which allows the Company to reach its target of 20 million sqm GLA by the end of the decade. The Group is focusing on mobilising the existing landbank, while maintaining disciplined capital allocation in landbank replenishment. 58% of the landbank is located within CTP's existing parks, while 31% is in, or is adjacent to, new parks which have the potential to grow to more than 100,000 sqm. 15% of the landbank was secured by options, while the remaining 85% was owned and accordingly reflected in the balance sheet. Assuming a build-up ratio of 2 sqm of land to 1 sqm of GLA, CTP can build over 13 million sqm of GLA on its secured landbank. CTP's land is held on balance sheet at around €60 per sqm and construction costs amount on average to approximately €500 per sqm, bringing total investment costs to approximately €620 per sqm. The Group's standing portfolio is valued around €1,040 per sqm, resulting in a revaluation potential of around €400 per sqm built. Monetisation of the energy business CTP continues with its expansion plan for the roll-out of photovoltaic systems. With an average cost of ~€750,000 per MWp, the Group targets a YoC of 15% for these investments. CTP has an installed PV capacity of 138 MWp, of which 108 MWp is fully operational. In H1-2025 the revenues from renewable energy came to €8.0 million, up 136% y-o-y mainly driven by the increase in capacity installed throughout 2024. CTP's sustainability ambition goes hand in hand with more and more tenants requesting green energy from photovoltaic systems, as they provide them with i) improved energy security, ii) a lower cost of occupancy, iii) compliance with increased regulation iv) compliance with their clients' requirements and v) the ability to fulfil their own ESG ambitions. Valuation results driven by pipeline and positive revaluation of standing portfolio Investment Property ('IP') valuation increased from €14.7 billion as at 31 December 2024 to €15.5 billion as at 30 June 2025, driven by the transfer of completed projects from Investment Property under Development ('IPuD') to IP and positive revaluation of standing portfolio. IPuD increased by 31.5% from 31 December 2024 to €1.4 billion as at 30 June 2025, driven by the CAPEX spent, the revaluation due to increase pre-letting and construction progress, and the start of new construction projects in H1-2025. GAV increased to €17.1 billion as at 30 June 2025, up 7.2% compared to 31 December 2024. The revaluation in H1-2025 came to €597.9 million, driven by the positive revaluation of IPuD projects (+€181.3 million), landbank (+€43.1 million), and the standings assets (+€373.6 million). On a like-for-like basis, CTP's portfolio saw a valuation increase of 4.0% during H1-2025, driven by an ERV growth of 2.5%. CTP expects further positive ERV growth on the back of continued tenant demand, which is positively impacted by the secular growth drivers in the CEE region. CEE rental levels remain affordable; despite the strong growth seen as they have started from significantly lower absolute levels than in Western European countries. In real terms, rents in many CEE markets are still below 2010 levels. The Group's portfolio has conservative valuation yields of 7.0%. CTP saw further yield compression during the first half of 2025 of 11bps on average across the portfolio and expects further yield compression over second part of 2025. The yield differential between CEE and Western European logistics is expected to decrease over time, driven by the higher growth expectations for the CEE region and increasing activity in the investment markets. EPRA NTA per share increased from €18.08 as at 31 December 2024 to €19.36 as at 30 June 2025, representing an y-o-y increase of 13.5% and an increase of 7.1% in H1-2025. The increase is mainly driven by the revaluation (+€1.25), Company specific adjusted EPRA EPS (+€0.42) and offset by final 2024 dividend paid out in May (-€0.30) and other items (-€0.09). Robust balance sheet and strong liquidity position In line with its proactive and prudent approach, the Group benefits from a solid liquidity position to fund its growth ambitions, with a fixed cost of debt and conservative repayment profile. During H1-2025, the Group secured €1.7 billion to fund its organic growth: A €1.0 billion dual-tranche green bond with a €500 million six-year tranche at MS +145bps at a coupon of 3.625% and a €500 million ten-year tranche at MS +188bps at a coupon of 4.25%; A JPY30 billion (€185 million equivalent) five-year unsecured loan facility with a syndicate of Asian banks at TONAR +130bps and fixed all-in cost of 4.1%; and A €500 million five-year unsecured sustainability-linked loan facility with a syndicate of 13 European and Asian banks at fixed all-in cost of 3.7%, undrawn as of 30 June 2025. CTP continued to actively manage its bank loan portfolio in H1-2025. Margin reduction on a further €159 million of secured bank loans was negotiated and €441 million of unsecured term loan signed in 2023 was prepaid and will be refinanced by the new €500 million unsecured loan. Both allowed CTP to achieve material interest rate savings and reduce the overall cost of debt going forward. The Group's liquidity position stood at €2.1 billion, comprised of €0.8 billion of cash and cash equivalents, and an undrawn RCF of €1.3 billion. CTP's average cost of debt stood at 3.2% (FY-2024: 3.1%), slightly up compared to year-end 2024, due to new funding. 99.9% of the debt is fixed rate or hedged until maturity. The Group doesn't capitalise interest on developments, therefore all interest expenses are included in the P&L. The average debt maturity came to 5.1 years (FY-2024: 5.0 years). The Group repaid €272 million bond in June 2025 from its available cash. Next upcoming maturity is a €185 million bond due in October 2025, which will also be repaid from available cash reserves. CTP's LTV decreased to 44.9% as at 30 June 2025 mainly due to the positive revaluation of standing portfolio and investment properties under development. The Group's higher yielding assets, thanks to their gross portfolio yield of 6.6%, lead to a healthy level of cash flow leverage that is also reflected in the normalized Net Debt to EBITDA of 9.2x (FY-2024: 9.1x), which the Group targets to keep below 10x. The Group had 66% unsecured debt and 34% secured debt as at 30 June 2025, with ample headroom under its Secured Debt Test and Unencumbered Asset Test covenants. As pricing in the bond market rationalised, the conditions are now more competitive than the pricing in the bank lending market, which will allow the Group to re-balance more towards unsecured lending. In Q3-2024, S&P confirmed CTP's BBB- credit rating with a stable outlook. In January 2025, CTP was assigned an A- credit rating with a stable outlook by the Japanese rating agency JCR. In Q2-2025, Moody's upgraded outlook from stable to positive on Baa3 credit rating. Guidance Leasing dynamics remain strong, with robust occupier demand, and decreasing new supply leading to continued rental growth. CTP is well positioned to benefit from these trends. The Group's pipeline is highly profitable, and tenant led. The YoC for CTP's current pipeline remained at industry leading 10.3%. The next stage of growth is built in and financed, with 2.0 million sqm under construction as at 30 June 2025, with a target to deliver between 1.2 – 1.7 million sqm in 2025. CTP's robust capital structure, disciplined financial policy, strong credit market access, industry-leading landbank, in-house construction expertise and deep tenant relationships allow CTP to deliver on its targets. CTP expects to reach €1.0 billion rental income in 2027, driven by development completions, indexation and reversion, and is on track to reach 20 million sqm of GLA and €1.2 billion rental income before the end of the decade. The Group set a guidance of €0.86 - €0.88 Company-specific adjusted EPRA EPS for 2025. This is driven by our strong underlying growth, with around 4% like-for-like growth, partly offset by a higher average cost of debt due to the (re)-financing in 2024 and 2025. Dividend CTP announces an interim dividend of €0.31 per ordinary share, an increase of 6.9% compared to interim dividend 2024, and which represents a pay-out of 74% of the Company specific adjusted EPRA EPS, in line with the Group's 70% - 80% dividend policy pay-out ratio. The default is a scrip dividend, but shareholders can opt for payment of the dividend in cash. WEBCAST AND CONFERENCE CALL FOR ANALYSTS AND INVESTORS Today at 9am (GMT) and 10am (CET), the Company will host a video presentation and Q&A session for analysts and investors, via a live webcast and audio conference call. To view the live webcast, please register ahead at: To join the presentation by telephone, please dial one of the following numbers and enter the participant access code 893972. A recording will be available on CTP's website within 24 hours after the presentation: CTP FINANCIAL CALENDAR Action Date Capital Market Days (Wuppertal, Germany) 24-25 September 2025 Q3-2025 results 6 November 2025 FY-2025 results 26 February 2026 Expand About CTP CTP is Europe's largest listed owner, developer, and manager of logistics and industrial real estate by gross lettable area, owning 13.5 million sqm of GLA across 10 countries as at 30 June 2025. CTP certifies all new buildings to BREEAM Very good or better and earned a negligible-risk ESG rating by Sustainalytics, underlining its commitment to being a sustainable business. For more information, visit CTP's corporate website: Disclaimer This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and business of CTP. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "targets", "may", "aims", "likely", "would", "could", "can have", "will" or "should" or, in each case, their negative or other variations or comparable terminology. Forward-looking statements may and often do differ materially from actual results. As a result, undue influence should not be placed on any forward-looking statement. This press release contains inside information as defined in article 7(1) of Regulation (EU) 596/2014 of 16 April 2014 (the Market Abuse Regulation).
