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.

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