Shares & Derivatives
Cromwell European REIT’s 2H FY23 Result Review
By REIT-TIREMENT  •  March 11, 2024
Basic Profile & Key Statistics Key Indicators Performance Highlight Gross revenue and NPI declined YoY mainly due to lower income resulting from the divestment of Piazza Affari 2 and Corso Lungomare Trieste 29, as well as the absence of income from Maxima, which was under redevelopment. Additionally, higher finance costs offset by a tax reversal contributed to a reduction in distributable income and DPU YoY. Rental Reversion The rental reversion for 2H FY23 stands at 5.7%. Divestment In 4Q FY23, CEREIT divested Viale Europa 95 and Corso Lungomare Trieste 29 in Italy. Development Redevelopment for Nervesa 21 was completed in January 2024. Maxima is currently undergoing strip-out work. Additionally, CEREIT has identified three redevelopment opportunities. Related Parties Shareholding The REIT manager and directors of the REIT manager hold a relatively low proportion of shares. Lease Profile The WALE is relatively long and the lease expiry is well spread. Additionally, the weighted average land lease expiry is long. Debt Profile The adjusted interest...
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By REIT-TIREMENT
I am Vince and welcome to my blog. I started this blog on 1st January 2019. Since the start of my investment journey, I have been fond of REITs because of its dividends. REITs allowed you to become a property landlord and get rental income without having to fork out large sum of initial capital, look out for tenant as well as manage the properties ...
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