107 views
Logo from Cromwell EREIT

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. 

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!