Ireit Global – FY16 Results & Thoughts


Ireit Global announced their full year results expectedly much better with a 20.8% yoy increase in the DPU to 6.33 cents for FY16. At the current share price of 75 cents, this represents a dividend yield of 8.5%. Do also note that from FY17 onwards the management can exercise their discretion to distribute up to 90%, so they might just reduce the level of distribution.

Gross Revenue and Net Property Income both grew double digit as the contribution from the Berlin campus kicked in this year. Gross revenue of EUR 34.4m was 28% higher than previous year of EUR 26.9m. Net Property Income of EUR 30.8m was also 28.4% higher than previous year of EUR 24m.

Against Forecast, DPU actually performed better operationally from EUR point of view but was lower when converted to SGD due to forex reason. They hedged 100% of …

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