- Cromwell European REIT's 3Q24/9M24 distributable income was in line with our estimates, forming 26%/77% of our FY24e forecast. 3Q24 NPI rose 7% y-o-y, boosted by the completion of Nervesa21 office redevelopment in Milan, and Novo Mesto ONE Industrial Park I/III logistics development near Bratislava. 3Q24 distributable income was 7.8% lower y-o-y due to asset divestments and higher interest costs.
- - Read this at SGinvestors.io -
- 9M24 portfolio rental reversion was healthy at +4.3%. Cromwell European REIT’s overall passing rents are ~7% lower than market rents, indicating potential for positive rental reversions in the future.
- - Read this at SGinvestors.io -
- The current Cromwell REIT's share price implies an FY24e/25e DPU yield of 8.7%/8.2% and a P/NAV of 0.78x.
The Positives
Stable portfolio occupancy at 93.9% (+30bps q-o-q) with healthy portfolio rental reversion (3Q24: +2.3%; 9M24: 4.3%).
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Darren Chan Phillip Securities Research | http://www.poems.com.sg/ 2024-11-06
Previous report by Phillip:
2024-08-12 Cromwell European REIT - Positive Reversions Expected To Continue.
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
