Cromwell European REIT - Annual Report 2021

NET PROPERTY INCOME Light industrial / Logistics The Netherlands 3,387 3,942 (14.1%) Italy 4,560 894 >100.0% France 20,072 19,429 3.3% Germany 10,705 9,384 14.1% Denmark 5,063 5,220 (3.0%) Slovakia 3,363 – n/a The Czech Republic 2,588 – n/a UK 342 – n/a Total - Light industrial / Logistics 50,080 38,869 28.8% Office The Netherlands 25,707 24,456 5.1% Italy 17,136 17,553 (2.4%) France 5,308 4,558 16.5% Poland 15,655 15,318 2.2% Finland 6,052 6,514 (7.1%) Total - Office 69,858 68,399 2.1% Other Italy 10,154 10,061 0.9% Total - Other 10,154 10,061 0.9% Total - Segments 130,092 117,329 10.9% MANAGER’S REPORT GROSS REVENUE AND NPI ANALYSIS CEREIT’s gross revenue in FY 2021 increased by 7.0% to €200.1 million. NPI increased by 10.9% or €12.8 million to €130.1 million. On a like-for-like basis, excluding new acquisitions and divestments completed in FY 2020 and FY 2021, NPI was €2.6 million or 2.3% higher y-o-y. The table below compares the gross revenue and NPI figures y-o-y by asset class and by country. FY 2021 €’000 FY 2020 €’000 Variance % GROSS REVENUE Light industrial / Logistics The Netherlands 5,307 5,929 (10.5%) Italy 6,332 1,245 >100.0% France 30,047 32,551 (7.7%) Germany 16,140 13,526 19.3% Denmark 8,999 9,465 (4.9%) Slovakia 4,575 – n/a The Czech Republic 3,425 – n/a UK 384 – n/a Total - Light industrial / Logistics 75,209 62,716 19.9% Office The Netherlands 41,053 41,030 0.1% Italy 23,878 24,313 (1.8%) France 8,673 8,191 5.9% Poland 25,781 25,096 2.7% Finland 11,301 11,434 (1.2%) Total - Office 110,686 110,064 0.6% Other Italy 14,227 14,192 0.2% Total - Other 14,227 14,192 0.2% Total 200,122 186,972 7.0% FOCUS ON STRENGTHS PIVOT TO LOGISTICS 36