CROMWELL European Real Estate Investment Trust’s (Cromwell E-Reit) distribution per unit (DPU) fell by 7 per cent to 0.07903 euro for the second half-year ended Dec 31, 2023, from 0.08494 euro the year before.
Gross revenue was down 5.7 per cent to 108.1 million euros (S$157.1 million) for the half-year period, from 114.7 million euros in the year-ago period.
Net property income (NPI) fell 5.3 per cent on the year to 65.7 million euros, from 69.4 million euros.
The manager attributed the NPI decline mainly to divestments in H2 FY2022 and FY2023, loss of income from Italian office asset Maxima for redevelopment, lower rental income due to the rent reduction by government decree for eight Italian…
