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IREIT Global achieves DPU of 1.6 Singapore cents in Q2

Wednesday, August 10, 2016 - 23:04
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IREIT Global's available distribution per unit (DPU) for the second quarter ended 30 June was 1.60 Singapore cents, down from its forecast of 1.75 cents.

IREIT Global's available distribution per unit (DPU) for the second quarter ended 30 June was 1.60 Singapore cents, down from its forecast of 1.75 cents.

This was due to a larger than expected unit base. The Q2 actual available DPU was computed based on 616.2 million units entitled to distribution while the Q2 forecast available DPU was computed based on 428.1 million units entitled to distribution as in the prospectus.

Distributable income for the quarter stood at 6.41 million euros (S$9.6 million), beating its forecast by 46 per cent mainly due to the contribution from the Berlin Campus which was acquired in August 2015.

Gross revenue of 8.48 million euros also surpassed its forecast by nearly 48 per cent, while net property income was 7.64 million euro or 49.8 per cent ahead of its forecast.

For the first six months, available DPU was 3.18 Singapore cents, below its forecast of 3.5 cents while distributable income was 46 per cent higher than forecast at 12.82 million euro.

Gross revenue was 50.6 per cent ahead of forecast at 17.27 million euro and net property income clocked 15.26 million euro, or 49.4 per cent above its forecast.

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