This is a Reit I used to own in the past because of its strong profile then divested them due to the change in the manager and the possibility of an equity call because of its high gearing. Since then, they have done extremely well to mitigate by lowering their payout from 100% to 90% and use the excess to reduce their gearing over time. Ireit Global announced their Q4 and FY18 results this evening which I thought continued to impress throughout both financially and operationally. While they’ve taken steps to improve their aspects of the portfolio, which clearly shows from the falling revenue, NPI and increased operating expenses, they’ve managed to improve their distributional income due to the currency swap they’ve undertaken which swings in their favor. At 5.8 cents distribution (based on 90% payout), this represents a dividend yield of about 8%. The German market shows