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

Net income from office assets surged 87.1% 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 87.1% YoY to $23.26m (EUR15.5m) 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.

Visit Singapore Business Review website for other stories.

Your rating: MagBe