CROMWELL European Reit (Cromwell E-Reit) on Tuesday reported that its distribution per unit (DPU) for the third quarter ended Sept 30 rose 1 per cent to 1.01 euro cents from one cent a year ago.

This was 1.9 per cent lower than an adjusted forecast of 1.03 cents. (see amendment note)

The real estate investment trust (Reit) saw revenue rise 39.2 per cent to 43.8 million euros (S$65.7 million), or 35.9 per cent higher than the 32.2 million euros forecast.

Net property income (NPI) was 28.4 million euros, up 32.3 per cent from a year ago and 30.8 per cent above forecast. The Reit attributed the rise to contributions from office properties acquired after its initial public offering (IPO), and its light industrial and logistics portfolio performing particularly well in Germany and the Netherlands.

Income available for distribution to unitholders was 25.8 million euros, 50.8 per cent higher year-on-year and 41.8 per cent above forecast.

For the nine months ended Sept 30, DPU was up 2.3 per cent to 3.05 euro cents, from 2.98 cents in the corresponding period of the previous year. This was in line with IPO forecasts.

Revenue was up 34.8 per cent from a year ago, and 33 per cent higher than forecast. NPI showed a 33.2 per cent improvement compared to the year-ago NPI, and a 31.3 per cent outperformance compared to its IPO forecast, and the distributable income grew 39.2 per cent from the year-ago figure, and exceeded the IPO forecast by 35.2 per cent.

Units of Cromwell E-Reit closed flat at 0.505 euro on Tuesday before the results were announced.

Amendment note: A previous version of this article incorrectly stated the Q3 distributable income for Cromwell E-Reit. The article above has been revised to correct this and clarify comparisons to year-ago and forecast figures.