- Cromwell European REIT (SGX:CWBU) is a fast-growing pan-European S-REIT with a diversified portfolio of office, industrial, and logistics assets valued at ~EUR2.2bn. The REIT has been an active asset recycler, driving portfolio yields and optimising returns to unitholders.
Excluding divestments, 1H24 NPI would have been higher by 2.3% y-o-y
- - Read this at SGinvestors.io -
- A further three properties were divested in March and April 2024 - ~EUR23.1mil in divestments in Poland, Finland, and Italy. Excluding divestments, NPI would have been 2.3% higher y-o-y. On a q-o-q basis, NPI was 14bps higher.
1H24 DPU of 7.05 EUR cents made up 47% of our full-year estimate
- - Read this at SGinvestors.io -
- Interest expense was 14.1% higher y-o-y as a result of an increase in average financing costs from ~2.6% to ~3.2%. Higher financing costs led to a ~0.495 EUR cents decline in DPU y-o-y.
Portfolio occupancy rate inched up marginally to 93.6%, with sustained healthy positive rental reversions of +5.2%
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Dale LAI DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2024-08-08
Previous report by DBS:
2024-02-27 Cromwell European REIT - Recalibration To Drive Further Organic Income Growth.
Price targets by 3 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 Dividends & Corporate Actions,
Cromwell REIT News Articles
