SINGAPORE (May 10): The manager of iREIT Global has declared a DPU for 1Q18 of 1.46 cents, 1.4% higher from 1.44 cents in 1Q17.
This was mainly lifted by more favourable average foreign currency exchange rates between the EUR and SGD.
In EUR terms, the REIT’s DPU dropped 3.2% to 0.9 € cents from 0.93 € cents a year ago.
The amount available for distribution to unitholders were 2.9% lower at €6.32 million ($10.1 million), compared to €6.50 million in the previous year.
Gross revenue dropped 2.0% to €8.58 million from €8.76 million last year.
As net property expenses decreased 3.0% y-o-y to €0.85 million, net property income (NPI) for 1Q18 came in at €7.73 million, 1.9% lower than €7.88 million a year ago.
The decrease in NPI was due to a decrease in rental income for the Münster South Building as the tenant vacated one floor with effect from Apr 1, 2017; adjustments arising from the finalisation of prior years’ service charge reconciliation; and increase in repair and maintenance expenses for the upkeep of the properties.
The REIT’s portfolio occupancy rate remains unchanged q-o-q at 98.3%, while weighted average lease expiry (WALE) stood at 4.8 years as at March 31.
Aymeric Thibord, CEO of the iREIT Global’s manager says, Looking ahead, IREIT will focus its efforts on three key areas, namely acquisitions, upcoming lease expiries and debt maturities, in order to build a sustainable return for unitholders.”
Units in iREIT Global closed at 78 cents on Thursday.
