CEREIT’s DPU moderately drops by 4.5% YoY in H1

It was hit by the higher interest rates.

Cromwell European Real Estate Investment Trust (CEREIT) said its adjusted distribution per unit (DPU) went down 4.5% to EUR 7.790 cents in H1 2023 from EUR 8.160 cents in the same period last year.

Its financial statement indicated that the adjusted DPU means it was adjusted for the absence of income from assets under development, i.e. Nervesa 21 in Milan and Maxima in Rome.

The REIT’s net property income (NPI) grew 1.8% YoY to $101.5m (EUR 68.535m) in H1 2023 from $99.6m (EUR 67.3m).

“[The NPI was] slightly impacted by the loss of income from asset sales and from the two Italian CBD office redevelopments underway,” read the statement.  

The gross revenue of CEREIT, meanwhile, went up 0.9% YoY to $160.5m (EUR 108.3m) in H1 2023.

The portfolio occupancy was above 95%, which was driven by effective majority weighting to the light industrial / logistics sector which is 98% occupied.

$1 = EUR 0.68