Cromwell European REIT - DBS Research 2023-02-27: Resilience Underpinned By Organic Income Growth

• See Cromwell European REIT's announcement dated 24 Feb 2023 for FY22 results.

FY22 revenue and NPI were 11.0% and 5.1% higher y-o-y

• - Read this at SGinvestors.io -

FY22 DPU of EUR0.17189 was 1.3% higher y-o-y

• Cromwell European REIT's FY22 distributable income of EUR 96.7m was 3.3% higher y-o-y, mainly due acquisitions and organic growth in income. This was partially offset by slightly higher operating expenses.
• - Read this at SGinvestors.io -
• Surge in energy costs seen in early FY22. Higher financing costs as a result of rising interest rates and additional debt taken. Income tax expenses were also higher, as Cromwell European REIT’s effective tax rate increased from 6.0% to 9.0% Cromwell European REIT will also be tapping into capital gains distribution for the absence of income due to the office redevelopment project in Rome (Maxima, Rome).
• Cromwell European REIT's FY22 DPU of EUR0.17189 was slightly above our estimates. 2H22 DPU of EUR0.08494 was 2.3% lower h-o-h (EUR0.08695 in 1H22). See Cromwell REIT's dividend dates.

Further asset enhancements planned in the coming years

• Read more at SGinvestors.io.

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/.

Read also DBS's most recent report:
2025-02-28 Stoneweg European REIT - De-risking Balance Sheet At A Small Cost.

Previous report by DBS:
2024-08-08 Cromwell European REIT - Dialing Back On Divestments.

Price targets by other brokers at Cromwell REIT Target Prices.

Listing of research reports at Cromwell REIT Analyst Reports.

Relevant links:
Cromwell REIT Share Price History,
Cromwell REIT Announcements,
Cromwell REIT Dividend Payout Dates & Corporate Actions,
Cromwell REIT News