Cromwell European REIT Reports Outstanding 1Q 2020 Financial and Operational Performance; Occupancy Substantially Increased to 94.7%1 with +22.1% Light Industrial / Logistics Rent Reversion
Cromwell EREIT Management Pte. Ltd., the manager (the “Manager”) of Cromwell European Real Estate Investment Trust (“Cromwell European REIT” or “CEREIT”), today provided a business update on CEREIT’s financial and operational performance in the first quarter ended 31 March 2020.
- Net property income 17.2% higher year-on-year (“y-o-y”); Available distributable income per unit in-line y-o-y on a like-for-like basis
- Active leasing with +12.1% portfolio rent reversion and occupancy lifted to 94.7% as at 31 March 2020, up from 93.2% as at 31 December 2019
- Light industrial / logistics assets outperformed with +22.1% rent reversion and continued increase in occupancy
- Active sale of 12 non-core assets and reinvestment into four core German assets crystallise profits, improve CEREIT’s tenant-customer mix and increase its weighted average lease expiry profile to 4.5 years
- €229 million cash in the bank, 34.5% net gearing level, low ~1.5% cost of debt, no debt facility maturing till the second half of 2021, and 8.6 times interest coverage ratio
- Focusing on income protection, cash preservation, and cost reduction amid COVID-19 pandemic
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.