Cromwell E-Reit H1 DPU down 2.5% to 8.502 euro cents
CROMWELL European Real Estate Investment Trust's CWBU (Cromwell E-Reit) distribution per unit (DPU) fell by 2.5 per cent to 8.502 euro cents for the half-year ended June 30, from 8.717 cents a year ago.
Gross revenue was up 5.7 per cent to 99.0 million euros, from 93.7 million euros the previous year.
Net property income was also up 11.4 per cent to 64.3 million euros, from 57.7 million euros a year ago.
The Reit's manager said the increase was mainly due to higher revenue from newly acquired assets in Italy, the Czech Republic and Slovakia, as well as the absence of doubtful debt provisions in the first half of this year.
Distributable income rose 3.6 per cent to 46.2 million euros year-on-year, from 44.6 million euros.
The decline in the DPU was attributed to a slight delay between financing and completing recent acquisitions, higher interest costs, a higher average cash balance and the absence of capital gains.
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Unitholders will receive a distribution of 5.602 euro cents per unit for the period from March 5 to June 30 this year, which will be paid out on Sept 28.
An advanced distribution of 2.9 euro cents per unit for the period from Jan 1 to March 4 was already paid out on March 31 this year.
These results come after the 5-to-1 consolidation of the Reit's units in May 2021, which has resulted in an effective 76 per cent increase in trading liquidity on the Singapore Exchange over the past three months, the Reit's manager said.
Units of Cromwell E-Reit closed at 2.52 euros on Friday, up 0.01 euro or 0.4 per cent.
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