Data from Cromwell European REIT’s latest disclosure has been incorporated into the Singapore REITs table.
Cromwell European REIT (CEREIT) has posted an 8.4% year-on-year increase in its net property income (NPI) to EUR33.2 million in 3Q 2021.
The lift in NPI was mainly due to the additional income from newly-acquired assets in the UK, the Czech Republic and Slovakia, said the REIT.
CEREIT also saw positive uplift from the continued outperformance of its light industrial and logistics properties in France, Germany and Denmark and an EUR0.8-million writeback in bad debt provisions.
3Q 2021 income available for distribution to unitholders increased 7.6% to EUR24.3 million, compared to EUR22.5 million in 3Q 2020.
The indicative 3Q 2021 distribution per unit (DPU) was 4.326 Euro cents, 1.5% lower compared to 3Q 2020.
Accordingly, Indicative YTD 2021 DPU was 12.828 Euro cents, 2.2% lower year-on-year.
The decreases were mainly due to the delay between financing and completing acquisitions funded by the private placement, a higher average cash balance earning zero rate, higher interest costs, and absence of payment of capital gains.
On a like-for-like basis, indicative YTD 2021 DPU would be 2.1% higher year-on-year when excluding the capital gains, said the REIT.
CEREIT was last done on the SGX at SGD2.58, which presently implies a distribution yield of 4.97% according to data on the Singapore REITs table.