Data from Cromwell European REIT’s latest results have been updated into the Singapore REITs table.

Cromwell European REIT has posted a distribution per unit (DPU) of 1.74 Euro cents for its 1H 2020, a fall of 14.7% from the corresponding period of 2019.

However, after excluding provisions set aside for COVID-19 related doubtful debts of EUR3 million (USD3.5 million) and other one-offs, the DPU decline for 1H 2020 would have been 3.4% instead.

The REIT’s gross revenue and net property income rose 13.7% and 6.6% year-on-year to EUR93.7 million and EUR57.7 million respectively.

This is largely due to contributions from properties acquired over the course of the past year.

Income from the new assets was partially offset by the EUR3 million of allowances made for uncollected rents due to the COVID-19 pandemic, as well as lower income from assets such as the UCI cinema-anchored property in Italy and Central Plaza in the Netherlands.

Income available for distribution for the period amounted to EUR44.6 million, including an EUR2.8 million distribution of realised capital gains from recent divestments.

As at 30 June 2020, the REIT has a 34.4% net gearing level and its annualised cost of debt was at approximately 1.5%.

Cromwell European REIT was last done on the Singapore Exchange at EUR0.44, which implies a yield of about 7.9% according to data from the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.