The manager of IREIT Global, which is jointly owned by Tikehau Capital and City Developments Limited (CDL), has reported a distribution per unit (DPU) of 1.41 Euro cents (1.99 cents) in the 1HFY2022 ended June, down by 1.4% y-o-y.
The lower DPU was due to the larger base of 1.16 billion units during the same period compared to the 951.3 million units in the same period the year before.
Gross revenue increased by 27.2% y-o-y to €30.1 million while net property income (NPI) rose by 26.4% y-o-y to €24.4 million in the 1HFY2022.
The higher amounts were mainly due to the contribution from the acquisition of the French portfolio and Parc Cugat in 3QFY2021.
Income available for distribution was up by 20.4% y-o-y to €18.2 million.
As at June 30, the REIT’s portfolio occupancy stood largely stable at 95.0%, while its weighted average lease expiry (WALE) increased to 4.7 years from 3.7 years in the quarter before.
The sequential improvement in WALE was driven mainly by the six-year lease extension for 100% of Bonn Campus and a 12-year major new lease for approximately 5,300 sqm data centre space at Sant Cugat Green in the 2QFY2022.
The lease extension and new lease also contributed to the increase in the REIT’s portfolio valuation to surpass the €1.0 billion mark.
As at June 30, IREIT Global’s aggregate leverage stood at 30.8%. Its net asset value (NAV) per unit stood at 83 cents.
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“Again in 1HFY2022 and despite a challenging environment, we have been able to achieve some major milestones for our unitholders. With the outlook likely to remain challenging due to the significant economic and geopolitical uncertainty, our role is to continue having an active asset management approach to maintain our performance,” says Louis d’Estienne d’Orves, CEO of the manager.
Units in IREIT Global closed 0.5 cent higher or 0.83% up at 61 cents on Aug 11.
