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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."

READ MORE: Cromwell European Reit bags at least 50% pre-leasing commitment for Italy office

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.

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