CROMWELL European Real Estate Investment Trust’s (Cromwell E-Reit) distribution per unit (DPU) fell by 7 per cent to 0.07903 euro for the second half-year ended Dec 31, 2023, from 0.08494 euro the year before.
Gross revenue was down 5.7 per cent to 108.1 million euros (S$157.1 million) for the half-year period, from 114.7 million euros in the year-ago period.
Net property income (NPI) fell 5.3 per cent on the year to 65.7 million euros, from 69.4 million euros.
Distributable income declined 7 per cent to 44.4 million euros, compared with 47.8 million euros previously.
For the full year, DPU was lower at 0.15693 euro, and distributable income fell 8.7 per cent to 88.3 million euros. Gross revenue was 2.5 per cent lower at 216.5 million euros.
NPI eased 1.8 per cent to 134.3 million for the full year, mainly due to the loss of income from the sale of two Italian assets and from the redevelopment of two Italian offices.
The manager noted that indexation, positive rent inversions and one-off tax benefits brought higher NPI growth, which was however offset by higher borrowing costs and asset sales.
The distribution will be paid on Mar 28 after the record date on Mar 5.
Units of Cromwell E-Reit closed on Friday up 0.7 per cent or 0.01 euro at 1.36 euros.
