Cromwell European REIT Posts Strong 1Q 2023 Operational Performance
The Manager of Cromwell European Real Estate Investment Trust (“Cromwell European REIT” or “CEREIT”), today announced CEREIT’s business update for the first quarter ended 31 March 2023 (“1Q 2023”).
- Indicative DPU 4.12 Euro cents, +0.3% q-o-q, -2.4% vs. pcp, mostly due to higher finance costs
- NPI up 3.6% versus pcp, largely driven by 15.7% NPI growth in light industrial / logistics sector
- Overall portfolio occupancy up 100 bps to 95.8% compared to pcp, with +6.7% rent reversion and 76.4% tenant retention rate
- 40.6% aggregate leverage, 5.0x interest coverage ratio, 84% hedged / fixed debt with no material refinancing until November 2024
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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.