Cromwell European REIT Record 14.6% Decline in Full Year 2020 DPU
February 24, 2021 – Cromwell European Real Estate Investment Trust announced a distribution per unit (DPU) of 3.484 European cents in 2020, 14.6% lower than the 4.080 European cents in the full year of 2019.
Gross revenue and net property income (NPI) rose 5.6% and 1% year-on-year to €187.0 million (US$227.1 million) and €117.3 million (US$142.5 million), respectively, in FY 2020. These were largely due to contributions from newly acquired office assets in France, Italy and Poland and light industrial / logistics assets in Germany.
The Manager’s Chief Executive Officer, Mr. Simon Garing, commented, “At the onset of the COVID-19 pandemic, the Manager quickly moved to a ‘safety-first’ mode in the first quarter of the year to preserve cash and unitholder value.”
“This move allowed for the gradual return to normal operations in the second half before the second COVID-19 wave kicked in during the European winter. Consequently, CEREIT’s 2H 2020 NPI was €59.6 million, up 3.3% from the 1H 2020 NPI, the result of active leasing and a testament to the resilience of a portfolio of 95 assets and close to 800 tenant-customers diversified across seven European countries.”
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