Cromwell EREIT’s net property income dips 1.1% YoY to $146.7m in 9M23

The REIT attributed the decline to the absence of income from office projects under redevelopment.

Cromwell EREIT posted a 1.1 YoY lower net property income (NPI) of €100.8m ($146.7m) in 9M23.

The REIT attributed the decline in its NPI to the divestment of Piazza Affari 2 in Milan, Italy, the absence of income from office projects currently under redevelopment, and a lower contribution from the non-core Italian assets leased to the Italian government because of a rent reduction provision. 

Given the lower NPI, the REIT posted a 9.2% YoY decline in its income available for distribution to unitholders of €66.3m ($96.5m).

The REIT”s indicative distribution per unit (DPU) likewise declined by 9.2% YoY to €0.11795 ($0.17).

$1 =  €0.69