CEREIT net property income up 3.6% YoY to $48.9m in Q1

Its DPU showed resiliency despite falling 2.4% YoY in Q1.

SGX-listed Cromwell European REIT's (CEREIT) net property income grew 3.6% year-over-year (YoY) to €33.6m (S48.9m) in Q1 2023 from €32.5m ($47.2m) in Q1 2022 due to the 15.7% income growth in its light industrial/logistics sector.

In its bourse filing, CREIT's gross revenue increased 4.2% YoY to €54.8m ($79.6m) in Q1 2023 from €52.6m ($76.4m) in Q1 2022.

CEREIT attributed its sturdy operational performance to "active leasing and high occupancy, positive rent reversions and high annual inflation indexation in most leases."

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CEREIT's indicative distribution per unit (DPU) showed resiliency in the face of prolonged external macro and geopolitical changes over the last three years despite falling 2.4% YoY to 4.12 € cents in Q1 2023 from 4.22 € cents in Q1 2022.