Cromwell EREIT's Q3 NPI jumped 32.3% to $42.69m

Net income from office assets surged 76.6% to $23.26m.

Cromwell EREIT's net property income (NPI) jumped 32.3% YoY to $42.69m (EUR28.45m) in Q3, the company announced. Gross revenue rose 39.2% to $65.69m (EUR43.78m) over the same period.

In 9M 2019, NPI jumped 33.2% YoY to $123.92m (EUR82.58m), whilst gross revenue leapt 34.8% to $189.30m (EUR126.15m). This was mainly attributed to contributions from the new properties that it acquired after its initial public offering (IPO).

Also read: Cromwell European REIT to buy six offices for $378.18m

For its office portfolio, NPI surged 76.6% YoY to $23.26m (EUR15.5m) for the quarter, mainly from newly-completed acquisition. Netherlands assets comprised 40% of the NPI, whilst the Italian portfolio contributed 26%.

Over the same quarter, the NPI for its light industrial portfolio climbed 2.4% to $15.31m (EUR10.2m), mainly coming from strong letting performance in Germany and the Netherlands assets, as well as from recent acquisitions.

Its DPU for the quarter edged up 1% to 1.52 cents (1.01 EUR cents), attributed to the timing difference from the private placement units being issued on July, as well as the later acquisitions in France and Poland.

Also Read

Private residential price growth eases to 1.4% in 1Q24

Far East Orchard buys 49% stake in UK’s Homes For Students Limited

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!

I want to download the media kit