Cromwell European REIT’s 3Q 2020 Income Available for Distribution Grew 5.8% Q-o-Q
- 3Q 2020 NPI of €30.6 million is 14.3% higher quarter-on-quarter
- 45 new leases and renewals (26,157 sq m) secured at a blended rental reversion of +2.8%
- Portfolio occupancy stable, remaining above 94% over the last six months despite COVID-19
- Strong €100.8 million cash position, supplemented by total committed undrawn facilities of €235 millionU
- Assigned BBB- credit rating by Fitch Ratings and established €1.5 billion EMTN Programme
|3Q 2020||2Q 2020||Variance|
|Gross Revenue (€’000)||46,092||45,154||2.1%|
|Net Property Income (€’000)||30,593||26,765||14.3%|
|Income Available for Distribution to Unitholders (€’000)||22,549||21,309||5.8%|
SINGAPORE – 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 during the third quarter and the nine months ended 30 September 2020 (“3Q 2020” and “YTD 2020”, respectively).
CEREIT’s 3Q 2020 gross revenue and net property income (“NPI”) rose 2.1% and 14.3% quarter-on-quarter (“Q-o-Q”) to €46.1 million and €30.6 million, respectively. The increase in NPI is mainly attributable to the absence of doubtful debt provisions in 3Q 2020 and the reversal of a €0.3 million provision for COVID-19-related doubtful debts.
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.