IReit Global H2 DPU rises 7.9 per cent to 1.50 euro cents
EUROPE-FOCUSED IReit Global UD1U posted a 7.9 per cent rise in distribution per unit (DPU) to 1.50 euro cents (22 Singapore cents) late on Friday (Feb 25), up from 1.39 euro cents for the half-year ended Dec 31, 2021.
The real estate investment trust (Reit) manager noted it had issued 11,372,868 placement units and 201,137,870 preferential offer units on June 30 and July 21 last year, which are entitled to the distribution for the financial period from June 30, 2021 to Dec 31, 2021.
Gross revenue rose 43.6 per cent to 28.5 million euros, while net property income rose 34.4 per cent to 23.2 million euros. The Reit manager retained 1.9 million euros of income.
For the full year ended Dec 31, 2021, DPU rose 11 per cent to 2.93 euro cents, while gross revenue climbed 37.9 per cent to 52.2 million euros; and net property income rose 29.1 per cent to 42.5 million euros. Income retained by the Reit manager rose 25.4 per cent to 3.4 million euros.
The Reit manager noted that the IReit's performance continued to improve in 2021, driven by its blue-chip tenant mix, diversified asset base and recovery in the European real estate market.
Furthermore, portfolio value rose to 974.9 million euros from 719.6 million euros from a year ago, due to the acquisition of its French portfolio and Parc Cugat, as well as higher independent valuation of its investment properties. This reduced IReit's aggregate leverage to 32.1 per cent from 34.8 per cent a year ago.
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Chief executive of the manager Louis d'Estienne d'Orves said that the Reit's portfolio has remained robust, and delivered stable and predictable income to its unitholders.
"One key success factor that has enabled us to deliver the positive performance is our strong leasing efforts with extensive knowledge of the local real estate markets and occupiers," he said.
In the coming year, the Reit's manager said that it will continue to focus on asset management to maintain IReit's occupancy rate, which stood at 95.7 per cent as at Dec 31, 2021.
"In view of the adoption of flexible working arrangement by companies and evolving demand for office space, the manager will also continue to pursue investment and capital recycling opportunities to further diversify IReit's asset class exposure and strengthen its income streams," it said.
Units of IReit closed at S$0.64, up S$0.005 or 0.8 per cent on Friday, before the results were released.
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