IREIT Global’s 2019 Distribution Per Unit Declines Due To Weaker EUR/SGD Rates
14 February 2020 — IREIT Global (IREIT), a Europe-focused real estate investment trust managed by IREIT Global Group Pte. Ltd., reported the results for the fourth quarter and financial year ended 31 December 2019 (4Q2019 and FY2019).
Net property income for 4Q2019 was stable year-on-year at €7.5 million, while distributable income was marginally lower at €6.1 million compared to €6.2 million achieved a year ago.
For FY2019, both net property income and distributable income were largely unchanged at €30.7 million and €25.3 million, respectively. Distribution per unit (DPU) for FY2019 amounted to 3.57 € cents, compared to 3.59 € cents in prior year. In SGD terms, the DPU stood at 5.64 Singapore cents, representing a slight decrease of 2.8% due to weaker EUR/SGD exchange rates.
Nonetheless, this translates to an attractive distribution yield of 7.0% based on IREIT’s closing unit price as at the last trading day of 4Q2019.
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