IREIT Global's Q4 DPU falls

EUROPE-FOCUSED real estate investment trust, IREIT Global's (IREIT), distribution per unit (DPU) for the fourth quarter declined from 1.03 euros to 0.94 euro.

This brings the full year DPU to 3.72 euros, down 10.1 per cent.

Gross revenue for the quarter under review increased 1.3 per cent year on year to 8.69 million euros, while net property income edged up 0.3 per cent to 7.95 million euros. Income to be distributed to unitholders fell 7.2 per cent to 5.93 million euros.

"Contributing to (the) results was continued firm rental income from its portfolio of five quality freehold assets in Germany, as well as the 10 per cent rental uplift at Bonn Campus after the CPI-linked hurdle rate was crossed in December 2016," it said.