Cromwell European REIT asset in Mira, Italy. (Cromwell European REIT)Cromwell European REIT asset in Mira, Italy. (Cromwell European REIT)

Data from Cromwell European REIT’s latest results is in the Singapore REITs table.

Cromwell European REIT (CEREIT) disclosed on 14 August that its 1H 2023 net property income (NPI) was EUR68.5 million, up 1.8% compared to 1H 2022.

The NPI was slightly impacted by the loss of income from asset sales and from the two Italian CBD office redevelopments underway, said CEREIT.

Otherwise, NPI was up 3.9% on a like-for-like basis, mainly due to higher income from market rent growth and annual inflation indexation, the REIT added.

However, 1H 2023 DPU came in at EUR7.790 cents, which is 4.5% lower compared to 1H 2022.

This is due to the lack of income recorded from the two assets under redevelopment and the EUR1.1 million capital distribution top up made in 1H 2022.

Higher interest costs also impacted the DPU.

CEREIT has opted not to declare a capital distribution top-up in 1H 2023, given the weaker macro fundamentals and tighter credit markets.

This led to actual DPU decline of 10.4% compared to 1H 2022.

CEREIT was last done on the Singapore Exchange at EUR1.54, which presently implies a distribution yield of 10.12% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

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