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[SINGAPORE] Ireit Global posted a 26 per cent fall year on year in distribution per unit (DPU) to 0.71 euro cent for the half-year of FY2025 ended June because of the full vacancy at the Berlin campus.
Revenue decreased by 27.5 per cent to 26.6 million euros (S$39.8 million) while net property income slid 33.3 per cent to 18 million euros, the regulatory filing by the manager of the Europe-focused real estate investment trust (Reit) on Thursday (Aug 7) showed.
The drop was mainly due to the full vacancy at Berlin Campus from Jan 1, 2025, and the absence of other income from the dilapidation cost paid by the main tenant at the property in the corresponding period of FY2024.
Consequently, income to be distributed to unitholders at 9.5 million euros was 26 per cent lower, and this was after the retention of 10 per cent of income for working capital and capital expenditure.
However, earnings per unit was higher at 0.05 euro cent, compared with 0.02 euro cent for the year-ago period, as total return attributable to unitholders was impacted by net change in fair values of financial derivatives and investment properties.
Net asset value per unit was unchanged at 0.39 euro cent as at end June, against end-December 2024.
Ireit Global Group, the Reit manager, said it has initiated discussions with the incumbent banks regarding the refinancing of the German and Spanish properties, and expects to finalise the agreements by the third quarter of 2025, thereby pushing the next earliest debt maturity to July 2027.
Ireit Global units were unchanged at S$0.295 on Thursday, before the Reit manager published the financial results.
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