Cromwell European REIT’s 1H 2020 Results Demonstrate Portfolio Resilience
- 1H 2020 distribution per unit (“DPU”) of 1.74 Euro cents based on 100% payout ratio is only 3.4% lower on a like-for-like basis1 than 1H 2019 DPU
- Stable occupancy of 94.7% recorded with positive rental reversion of 6.4% in 1H 2020
- Strong leasing momentum continued, driven by active asset management
- Resuming investment activity with a focus on logistics assets and data centres
- Clearer outlook for 2H 2020 performance and DPU
|1H 2020||1H 2019||Variance|
|Gross Revenue (€’000)||93,660||82,372||13.7%|
|Net Property Income (€’000)||57,721||54,134||6.6%|
|Income Available for Distribution to Unitholders (€’000)||44,565||44,840||(0.6%)|
|DPU (Euro cents)||1.74||2.04||(14.7%)|
|DPU on a Like-for-Like Basis1 (Euro cents)||1.97||2.04||(3.4)|
SINGAPORE – Cromwell EREIT Management Pte. Ltd., the manager (the “Manager”) of Cromwell European Real Estate Investment Trust (“Cromwell European REIT” or “CEREIT”), today announced CEREIT’s financial results for the first half ended 30 June 2020 (“1H 2020”).
CEREIT’s gross revenue and net property income rose 13.7% and 6.6% year-on-year to €93.7 million and €57.7 million, respectively, largely due to contributions from properties acquired over the course of the past year. Income from the new assets was, however, partially offset by €3.0 million of allowances made for uncollected rents due to the COVID-19 pandemic, as well as lower income from certain assets, such as the UCI cinema-anchored property in Italy and Central Plaza in the Netherlands. Income available for distribution to unitholders amounted to €44.6 million, largely in line with the €44.8 million recorded in the first half of 2019 (“1H 2019”). The income available for distribution includes a €2.8 million distribution of realised capital gains from recent divestments.
Our investors are at the forefront of everything we do.
The Manager is committed to ensuring that CEREIT meets expectations of good corporate governance and sustainable business practices while seeking to achieve superior investor performance over the medium and long term.
The Board and the Manager are both proactive with respect to corporate governance and actively review developments to determine which corporate governance arrangements are appropriate for CEREIT and its investors.
The Code of Corporate Governance 2018 is adopted as the REIT's benchmark for corporate governance policies and practices.