Cromwell E-REIT's distributable income falls 0.4% YoY to €24.179m in Q3

This is despite recording a 4.1% YoY increase in its net property income. 

Cromwell E-REIT (CEREIT) income available for distribution to unitholders fell 0.4% YoY to €24.179m ($34.1m) in Q3, despite posting a 4.0% YoY higher net property income of €34.513m ($48.7m).

Year-to-date, the REIT's net property income and distributable income rose by 4.5% YoY to €101.843m ($143.7m) and 3.8% YoY to €73.081m ($103.1m), respectively.

The REIT attributed its income increase to its "new acquisitions, indexation, stronger market rental growth and higher occupancy in the light industrial / logistics sector."

With strong leasing activity in France, CEREIT’s light industrial / logistics portfolio achieved a record occupancy of 97.5% in Q3, up 97.1% from Q2.

In the same quarter, the REIT signed 47,015 sqm of new leases at a +7.6% rent reversion rate.

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