Cromwell E-Reit Q1 distributable income up 7.1% to 23.3m euros

CROMWELL European Real Estate Investment Trust (Cromwell E-Reit) on Thursday (May 12) posted a 7.1 per cent rise in distributable income to 23.3 million euros (S$34.1 million) for the first quarter ended Mar 31, 2022, from 21.7 million euros in the year-ago period.

This comes as the Europe-focused Reit reports gains in gross revenue and net property income due to new acquisitions and higher rental income from CPI lease indexation and positive rent reversions, its manager said in a press statement.

Net property income (NPI) had risen 5.4 per cent to 32.5 million euros year on year from 30.8 million euros. Excluding new acquisitions, disposals and property under development, NPI was down 4.4 per cent.

The manager said the like-for-like decrease reflected the 2.1 per cent reduction in overall occupancy and higher tenant-customer incentives in Poland.

Meanwhile, gross revenue climbed 8.5 per cent to 52.6 million euros, from 48.5 million in the corresponding period the year before.

The Reit maintained a portfolio occupancy of 94.8 per cent as at Mar 31, 2022, marginally lower than the 95 per cent posted as at Dec 31, 2021. Its weighted average lease expiry remained unchanged at 4.6 years.

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A total of 53 leases for 37,622 square metres (sq m) – or 1.9 per cent of its portfolio by net lettable area – were signed or renewed in Q1 2022 at a positive rent reversion of 4.2 per cent.

Cromwell E-Reit units closed 0.9 per cent or 0.02 euro higher at 2.17 euros on Wednesday.