Cromwell European REIT - Annual Report 2021

CROMWELL EUROPEAN REIT 201 ANNUAL REPORT 2021 CEREIT 2021 €’000 2020 €’000 Income available for distribution at 1 January 44,791 51,844 Total return for the year attributable to Unitholders and perpetual securities holders 96,603 79,363 Less: Total return attributable to perpetual securities holders (244) – Distribution adjustments (Note A) (2,741) 9,780 Income available for distribution to Unitholders 138,409 140,987 Distributions declared to Unitholders during the year (Note B) (90,739) (96,196) Income available for distribution to Unitholders at 31 December 47,670 44,791 Distribution per Unit (“DPU”) (€ cents) for the year (i) 16.961 17.420 Note A – Distribution adjustments Trustee fees 276 260 Straight-line rent adjustments and leasing fees (1,889) (2,582) Amortisation of debt issuance costs 3,998 4,022 Facility break fee – (38) Loss on disposal of assets/liabilities held for sale – 358 Loss on disposal of investment property 324 – Fair value adjustments – investment properties (27,061) (8,569) Fair value adjustments – derivative financial instruments (829) 658 Net foreign exchange loss 330 382 Deferred tax expense 22,046 10,082 Tax (credit)/ expense relating to the divestment of investment properties (244) 1,843 Distribution of divestment gain – 2,814 Other adjustments 308 550 (2,741) 9,780 Note B – Distributions declared to Unitholders during the year Distribution of 2.030 Euro cents per unit (“cpu”) from 2 Jul 2019 to 31 Dec 2019 – 51,720 Distribution of 1.740 Euro cpu from 1 Jan 2020 to 30 Jun 2020 – 44,476 Distribution of 2.324 Euro cpu from 1 Jul 2020 to 4 Mar 2021 59,403 – Distribution of 5.602 Euro cpu from 5 Mar 2021 to 30 Jun 2021 31,336 – 90,739 96,196 (i) FY 2020 DPU has been adjusted for the 5:1 unit consolidation to provide for a like-for-like comparison. The accompanying notes form an integral part of the financial statements. CONSOLIDATED DISTRIBUTION STATEMENT Year ended 31 December 2021