IREIT Maintains Solid Performance For H1 2022 Results
August 15, 2022 – IREIT Global reported a solid set of results for the first half year ended June 2022.
Gross revenue increased by 27.2% year-on-year to €30.1 million, while net property income for 1H2022 rose by 26.4% to €24.4 million over the same period.
The increase was mainly due to the contribution from the acquisition of the French portfolio and Parc Cugat in 3Q2021. In addition, income available for distribution increased by 20.4% year-on-year to €18.2 million.
Based on the closing unit price of S$0.61 as at 30 June 2022, IREIT is trading at 26.5% discount to its NAV of S$0.83 per Unit.
Mr Louis d’Estienne d’Orves, Chief Executive Officer of the Manager, said, “Again in 1H2022 and despite a challenging environment, we have been able to achieve some major milestones for our Unitholders.”
“With the outlook likely to remain challenging due to the significant economic and geopolitical uncertainty, our role is to continue having an active asset management approach to maintain our performance.”
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