Cromwell Property Group narrows full-year loss
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The news: Real estate investor and funds manager Cromwell Property Group has narrowed its full-year statutory loss by 95.7% to $22.6 million in FY25, driven by smaller unrealised fair value investment portfolio losses and the impact and the absence of other reductions.
The numbers: At 10:16am AEST, shares in Cromwell were up 2.3% to 44 cents.
Cromwell saw operating profit decline of 20.6% to $108.6 mill, compared to FY24's $136.7 million. Adjusted funds from operations declined by 32.5% to $66.6 million.
Cromwell also said it had portfolio occupancy of 97.6%.
Distributions of 3 cents per share were made in FY25, which is 2.6% less than the 3.08 cents per share delivered in FY24.
The context: The company posted a valuation loss of $22.6 million. This included a fair value loss on interest rate and foreign currency derivatives of $36.3 million. Meanwhile, a fist half valuation loss of $97.4 million was partially offset by a valuation gain of $3.5 million in the second half of FY25.
The company also announced that board director Rob Blain would step down today.
