Cromwell HY23 Market Update

Real estate investor and fund manager, Cromwell Property Group (ASX:CMW) (Cromwell), has today reported its results for the half-year period 31 December 2022 (HY23).


  • Statutory loss of $129.5 million (HY22 $132.5 million profit), due to a fall in property valuations;
  • Operating profit of $87.1 million (HY22 $96.4 million), equivalent to 3.33 cents per security;
  • HY23 distributions of 2.75 cents per security, for a payout ratio on operating profit of 82.6% and 103.4% of adjusted funds from operations (AFFO); and
  • Net Tangible Assets of $0.97 (FY22 $1.04), gearing at 41.8% (FY22 39.6%).


  • Total assets under management remain at $12 billion, unchanged from 30 June 2022;
  • Market wide valuation impacts led to revaluations down 1.31%;1,2
  • Occupancy is 95.1% by income1 with net property income growth of 2.7%, .2
  • Weighted average lease expiry of 5.6 years,1 with 51% of income weighted to Government tenants;.1
  • Cromwell becomes a member of the Dow Jones Sustainability Australia Index, 1 of only 6 property groups; and
  • Gearing 41.8% at the end of the period, attributed to the fall in property valuations.

Cromwell Chair Dr Gary Weiss, in commenting on the HY23 results said:
“In the face of challenging market conditions, the Cromwell team has made progress in the delivery of its strategy, with a series of key initiatives either completed or advanced: simplification of Cromwell’s operating structure, improved staff engagement and management of the balance sheet through non-core asset sales. This is reflective of Cromwell’s long-standing ability to adapt and manage complex market conditions.”

To view the HY23 Results Announcement, click here.

To view the HY23 Results Presentation, click here.

1 Relates to the Australian Investment Portfolio.
2 Metrics are on a like-for-like basis.