PhillipCapital analyst Tan Jie Hui has downgraded iREIT Global to “neutral” from “accumulate” with a lower target price of 68 cents from 76 cents previously.

While the REIT posted stable results for 1H20, it was offset by the weaker exchange rates between the Euro and the Singapore dollar. To that end, iREIT Global declared 2.7% y-o-y lower distribution per unit (DPU) for the same period.

The REIT’s occupancy rate improved q-o-q to 95.7% from 94.7%, with a weighted average lease expiry (WALE) of 3.7 years. Some 95.9% of the REIT’s leases were also locked in till 2022.

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