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Europe-focused real estate investment trust IREIT Global saw its distribution per unit (DPU) for the fourth quarter of 2017 drop 8.7 percent to 0.94 euros from 1.03 euros over the same period in 2016.
Gross revenue rose 1.3 percent to 8.7 million euros, while net property income climbed 0.3 percent to 7.9 million euros. Distributable income grew 3.1 percent to 6.6 million euros.
“Contributing to this set of steady results was continued firm rental income from its portfolio of five quality freehold assets in Germany, as well as the 10 percent rental uplift at Bonn Campus after the CPI-linked hurdle rate was crossed in December 2016,” said the trust’s manager in an SGX filing.
For the full year 2017, DPU fell 10.1 percent to 3.72 euros from 4.14 euros previously. Gross revenue and net property income increased 1.6 percent and 2.2 percent to 34.96 million euros and 31.53 million euros, respectively. Distributable income, on the other hand, rose 1.7 percent to 25.98 million euros.
“IREIT has delivered a steady set of results in FY 2017. In the year ahead, its portfolio performance should continue to be supported by its blue-chip tenant base and long leases, with notably no lease expiry in 2018,” said Aymeric Thibord, CEO of IREIT’s manager.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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