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IREIT Global achieves DPU of 1.62 Singapore cents in Q4

IREIT Global's available distribution per unit (DPU) of 1.62 Singapore cents for the fourth quarter ended Dec 31, 2015 was 7.4 per cent below its own forecast due to a larger than expected units base.

The actual available DPU was computed based on 613.3 million units entitled to distribution, including the new units issued under a rights issue. The forecast available DPU was computed based on 428.1 million units entitled to distribution as disclosed in the IPO prospectus.

Distributable income for the quarter stood at 6.46 million euros, beating its forecast by 47 per cent. Gross revenue of 8.6 million euros also surpassed its forecast by 53 per cent, due to the additional rental contribution from the Berlin Campus acquired on Aug 6, 2015.

For the full year, IREIT's available DPU stood at 5.24 Singapore cents, 25.2 per cent below forecast due to a larger than expected units base. Gross revenue for the full year at 26.9 million euros was 19.5 per cent higher than forecast, largely due to the additional rental contribution from the acquired Berlin Campus.

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IREIT's total portfolio comprising Berlin Campus, Bonn Campus, Darmstadt Campus, M√ľnster Campus and Concor Park in Germany enjoys an overall occupancy rate of 99.7 per cent and a weighted average lease expiry of 6.8 years.

Itzhak Sella, CEO of IREIT, said: "FY2015 has been a good year for IREIT. We were able to expand our foothold in Germany and increase IREIT's portfolio with a good sizeable asset to boost income.

"Through the acquisition of the Berlin Campus, we were able to demonstrate our experience and expertise in completing acquisition deals given the competitive market environment."

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