- See Cromwell REIT's announcement dated 10 Nov 2022 for its 3Q22 business updates.
Improvement in revenues and NPI
- - Read this at SGinvestors.io -
- Earnings from office portfolio were flat y-o-y. Higher revenues from the Netherlands were offset by declines in Italy, France, and Finland. On a like-for-like basis (excluding redevelopment and one-offs), office portfolio reported a 8.6% decline
- Cromwell European REIT's 3Q22’s distributable income of EUR 24.2m was slightly lower by 0.4% y-o-y (would have been flat if income from Via Nervesa 21 was excluded. Via Nervesa 21 is currently undergoing redevelopment).
Pivot to logistics leading to improvement in occupancy rate
- - Read this at SGinvestors.io -
- Office portfolio occupancy inched down slightly by q-o-q to 89.9%. However, dip in occupancy in the Netherlands and France is reported.
- A new lease for 10 years was signed in Haagse Poort (Netherlands), but will only commence in August 2023, bringing committed occupancy to ~94%. However, rental reversions were still positive for leases renewed (+6.1%).
- Only ~4.9% of portfolio leases remain to expire in 4Q22. A further ~14.2% of leases are due to expire in FY23; bulk of it from the light industrial/logistics portfolio.
Financing costs have crept up to 2.28%
- Read more at SGinvestors.io.
