Higher revenues and NPI driven by pivot to logistics and light industrial
Cromwell European REIT (SGX:CWBU)'s 1H22 revenues increased 8.5% y-o-y to EUR107.4m, mainly driven by new acquisitions over the past year, and partially offset by disposals and redevelopments.
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NPI of EUR67.3m was 4.7% higher y-o-y, also driven mainly by acquisitions. On a like-for-like basis, NPI would have been flat y-o-y.
NPI for the logistics property segment grew at the highest rate, at 24.3% y-o-y, driven by pivot to logistics with ~EUR212.6m in acquisitions in FY21 and a further ~EUR92.0m in 1H22.
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1H22 DPU of EUR0.08695; slightly above our estimates
Cromwell European REIT's 1H22 DPU of EUR0.08695 was 2.3% higher y-o-y, forming slightly more than 51% of our FY22 DPU estimates.
Distributable income of EUR48.9m was 5.9% higher y-o-y, which includes EUR1.1m of capital gains distribution in lieu of the redevelopment of Via Nervesa 21.
Cromwell European REIT expected to continue tapping into capital gains distribution in lieu of properties that are taken off for redevelopment. An estimated ~EUR8m in capital gains remain.
Higher occupancies of 95.4% and positive rental reversions
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Above is an excerpt from a report by DBS Group Research. Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
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