CROMWELL European Real Estate Investment Trust : CWBU 0% (Cromwell E-Reit) on Tuesday (Apr 30) posted an indicative distribution per unit (DPU) of 3.505 euro cents for the first quarter ended Mar 31, 2023.
This was 10.2 per cent below the 3.902 euro cents recorded in the same period a year earlier, as higher finance costs as a result of higher interest rates weighed on distributions, the manager said in a business update.
Income available for distribution to unitholders fell 10.2 per cent to 19.7 million euros (S$28.7 million) from 21.9 million euros.
The Europe-focused commercial Reit’s gross revenue and net property income (NPI) were also down year on year.
Gross revenue slipped 2.7 per cent to 52.3 million euros from 54.8 million euros.
NPI, meanwhile, was down 2.7 per cent to 32.7 million euros from 33.6 million euros, mainly due to the divestment of Bari Europa, Bari Trieste and Piazza Affari during the period.
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The manager noted that excluding the divestments, NPI was up 5 per cent on a like-for-like basis. Its Nervesa21 office redevelopment in Milan is being redeveloped, while Maxima is undergoing strip-out works.
Cromwell E-Reit units were down 1.3 per cent or 0.02 euro at 1.47 euros as at 1.18 pm on Tuesday.
