Cromwell Property (ASX:CMW) announces full year results

Cromwell Property (ASX:CMW) announced financial results for the full-year ended 30 June 2022.

Statutory profit of $263.2 million (FY21: $308.2 million) equivalent to 10.05 cents per security (FY21: 11.78 cents per security).

Operating profit of $201 million (FY21: $192.2 million) equivalent to 7.68 cents per security (FY21: 7.35 cents per security).

FY22 distributions per security of 6.5 cents, for a payout ration on operating profit of 85% and 98% of Adjusted Funds From Operations (AFFO).

Net Tangible Assets of $1.04 (FY21: $1.02).

Gearing reduced to 39.6% (FY21: 41.8%), within Cromwell's target range of 30-40%.

Total assets under management stable at $12 billion (FY21: $12 billion).

Mr Jonathan Callaghan commenced as new Chief Executive Officer.

Revised vision and strategy to support a more capital light funds management model.

Following the announcement the company?s share price fell 2.142%.