Statutory profit of $146.8 million; resilient performance continues through COVID-19 and management transition

Real estate investor and manager, Cromwell Property Group (ASX:CMW)(Cromwell), has today reported its half-year (HY21) results.

HY21 highlights and business update:

  • Statutory profit of $146.8 million, equivalent to 5.59 cents per security;
  • Operating profit of $99.1 million, equivalent to 3.79 cents per security;
  • HY21 distributions per security of 3.75 cents;
  • COVID-19 impact: 0.7% of rent was waived and 6.1% deferred during the half;
  • Net Tangible Assets increased to $1.00 post independent revaluation of balance sheet assets;
  • Total assets under management (AUM) of $11.6 billion up from $11.5 billion as at 30 June 2020;
  • Gearing of 42.5% (FY20 41.6%) marginally above the ‘through the cycle’ target of 30-40%; and
  • Substantial demonstrated investor support for Cromwell’s income producing retail fund products.

Cromwell also confirmed FY21 distribution guidance of 7.00 cents per security. Based on the FY21 guidance of 7.00 cents per security, and a security-price of $0.82 cents as at the close of business on 24 February 2021, this represents a future forecast distribution yield of 8.54%.

To view the HY21 Results Announcement, click here.

To view the HY21 Results Presentation, click here.