Cromwell European Reit's first quarter enjoyed a boost from a better-than-expected performance at its light industrial segment.
Distribution per unit (DPU) for the three months to March 31 came in at 1.45 euro cents, 3.5 per cent higher than its initial public offering forecast of 1.4 euro cents, the group said yesterday.
That came as first-quarter income available for distribution was also 3.5 per cent above forecast at €22.8 million (S$36.3 million).
Gross revenue was 0.8 per cent above forecast at €41 million, while net property income was 2.8 per cent above forecast at €27 million.
The trust - whose assets include commercial properties in Denmark, France, Germany, Italy and the Netherlands - listed last November.
"The better-than-expected result of 6.9 per cent net property income above forecast (for the light industrial segment) is mainly attributable to the portfolios in France and the Netherlands, while the portfolios in all other countries performed largely in line with expectations," said the trust.
It added that the light industrial portfolio in France benefited from some better-than-expected leasing outcomes, in particular, for the largest property, Parc des Docks.
A tenant was expected to vacate at the beginning of the year but has now extended the lease for a further six months.