Cromwell European REIT's 3Q FY24 Result Review
$Cromwell Reit SGD(CWCU.SI)$ $Cromwell Reit EUR(CWBU.SI)$
Basic Profile & Key Statistics
Key Indicators
Performance Highlight
Despite similar gross revenue, NPI has improved YoY. However, distributable income has declined mainly due to higher interest costs.
Rental Reversion
The rental reversion for 3Q 2024 stands at 2.3%.
Related Parties Shareholding
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REIT Sponsor's Shareholding: Moderate
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REIT Manager's Shareholding: Less Favorable
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Directors of REIT Manager's Shareholding: Less Favorable
Lease Profile
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Occupancy: Moderate
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Income Received in SGD/Major Currencies: Less Favorable
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WALE: Less Favorable
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Highest Lease Expiry in 4 Years: Favorable
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Weighted Average Land Lease Expiry: Moderate
Debt Profile
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Gearing Ratio: Moderate
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Cost of Debt: Favorable
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Fixed Rate Debt %: Favorable
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Unsecured Debt %: Moderate
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WADM: Less Favorable
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Highest Debt Maturity in 4 Years: Less Favorable
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Interest Coverage Ratio: Moderate
Diversification Profile
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Top Sector Contribution: Favorable
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Top Geographical Contribution: Favorable
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Top Property Contribution: Favorable
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Top 5 Properties' Contribution: Favorable
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Top Tenant Contribution: Less Favorable
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Top 10 Tenants' Contribution: Favorable
Key Financial Metrics
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Property Yield: Moderate
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Management Fees over Operating Distributable Income: Favorable
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Operating Distributable Income on Capital: Favorable
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Operating Distributable Income Margin: Moderate
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Operating Distribution Proportion: Favorable
DPU Breakdown
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TTM Distribution Breakdown:100% from Operation
Trends (Up to 10 Years)
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Uptrend: Committed Occupancy, Operating Distribution Proportion
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Slight Downtrend: Property Yield
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Downtrend: DPU from Operation, NAV per Unit, Adjusted Interest Coverage Ratio, Operating Distributable Income over Manager's Fees, Operating Distributable Income on Capital, Operating Distributable Income Margin
Price Range & Relative Valuation Metrics
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Dividend Yield: Below -1SD for 1y; Average for 3y, 5y & 10y
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P/NAV: Above +1SD for 1y; Average for 3y, 5y & 10y
Author's Opinion
As compared to the previous quarter, performance has improved. In terms of debts, there is no refinancing requirement until November 2025.
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