Cromwell Property Group
ASX:CMW
Cromwell Property Group
Cromwell Property Group is a real estate investment trust, which engages in the property investment and funds management business. The company is headquartered in Brisbane, Queensland. The firm operates through three segments: Direct property investment, Indirect property investment, and Funds and asset management. The Direct property investment segment includes the ownership of investment properties located in Australia, Poland, and Italy. The indirect property investment segment includes investments in the Cromwell European Real Estate Investment Trust (CEREIT), the Ursynow joint venture, the LDK Seniors living joint venture, and other investment vehicles. Fund and asset management segment includes the activities in relation to the establishment and management of external funds for institutional and retail investors, property and facility management, leasing and project management and development-related activities.
Cromwell Property Group is a real estate investment trust, which engages in the property investment and funds management business. The company is headquartered in Brisbane, Queensland. The firm operates through three segments: Direct property investment, Indirect property investment, and Funds and asset management. The Direct property investment segment includes the ownership of investment properties located in Australia, Poland, and Italy. The indirect property investment segment includes investments in the Cromwell European Real Estate Investment Trust (CEREIT), the Ursynow joint venture, the LDK Seniors living joint venture, and other investment vehicles. Fund and asset management segment includes the activities in relation to the establishment and management of external funds for institutional and retail investors, property and facility management, leasing and project management and development-related activities.
Profit Growth: Statutory profit rose to $111.1 million, up 37.5% compared to the prior period.
Operating Performance: Underlying operating profit increased 7.6% to $82.6 million.
Distribution: Securityholder distributions grew 2.7% to $76.4 million, with full-year distribution guidance of at least $0.0725 per security reaffirmed.
Guidance Maintained: Full-year earnings and distribution guidance were maintained, with management noting they're ahead of the run rate but staying cautious due to market risks.
Gearing & Balance Sheet: Gearing reduced to 33.7% following a rights offer, and net tangible assets rose $0.03 to $0.99 per security.
Portfolio Update: The direct property segment showed solid performance, with high occupancies and NOI growth, while value-add initiatives and the seniors living strategy progressed.
Market Risks: Management cited headwinds such as Brexit, global uncertainty, and domestic policy issues but said Cromwell is well positioned to manage risks and seize opportunities.
