Cromwell EREIT posts 8.7% YoY lower income of €88.3m in FY23

The REIT also declared an 8.7% YoY lower DPU of €0.15693.

Cromwell European REIT (CEREIT) saw its income available for distribution to unitholders drop by 8.7% YoY to €88.3m ($128.4m) in FY23.

In the same period, the REIT recorded a 1.8% YoY lower net property income (NPI) of €134.3m ($195.3m).

The REIT attributed its lower NPI to the “impact of the loss of income from the sale of two Italian assets, Viale Europa 95 in Bari and Piazza Affari in Milan and from the two Italian office redevelopments, Nervesa 21 in Milan and Maxima in Rome, which were both under development last year.”

With lower NPI and income, the REIT declared a distribution per unit (DPU) of €0.15693 ($0.23), a 4.1% drop from FY22.

For 2H23, unitholders will receive €0.07903 ($0.11) per unit, with an ex-distribution date of 4 March and a payment date of 28 March. 

The 2H23 distribution is 83% tax-exempt.