Cromwell European REIT’s Q3 2020 Distribution Per Unit Up 5.8% From Q2
November 12, 2020 – Cromwell European Real Estate Investment Trust (CEREIT) announced that its third quarter gross revenue and net property income for this year rose 2.1% and 14.3% quarter-on-quarter to €46.1 million (US$54.28 million) and €30.6 million (US$36 million), respectively.
The increase in NPI is mainly attributable to the absence of doubtful debt provisions in 3Q 2020 and the reversal of a €0.3 million (US$0.35 million) provision for COVID-19-related doubtful debts.
The REIT’s income available for distribution grew 5.8% to €22.5 million (US$26.5 million) in the third quarter of the year, up from €21.3 million (US$25 million) in the previous quarter.
Its third quarter indicative distribution per unit (DPU) was 0.882 Euro cents (US$1.04), representing a 5.8% quarter-on-quarter increase.
The Manager’s Chief Executive Officer, Mr. Simon Garing, commented, “I am delighted to report that in 3Q 2020, CEREIT delivered an excellent 14.3% jump in net property income quarter-on-quarter and a 5.8% growth in indicative DPU over the same period.”
“We are particularly pleased with the 14.1% positive rent reversion for new leases and renewals in the light industrial / logistics segment in 3Q 2020. Our timely divestment of non-core properties enhance the resilience of the portfolio, while the strategic acquisitions of high-quality logistics assets in Germany during the first half of the year ensure new recurring cashflows.”