Basic Profile & Key Statistics
IREIT Global s a pure office REIT that owns 9 properties in Germany and Spain.
Performance Review
Gross revenue, NPI and distributable income increased YoY by 11.8%, 13.2% and 17.7% respectively due to contribution from the balance 60% in Spanish properties. However, DPU decreased by around 19.6% YoY from 2.71 cents (2H 2019) to 2.18 cents due to enlarge unitholders base from the recent rights issue.
Lease Profile
- Occupancy is slightly high at 95.8%
- WALE is short at 3.5 years
- Highest lease expiry within 5 years is slightly high at 31.7% which falls in 2024
- All properties are freehold
Debt Profile
- Gearing ratio is slightly low at 34.8%
- Cost of debt is low at 1.8%
- Fixed rate debt % is high at 86.3%
- All debts are secured debts
- WADE is long at 5.3 years
- Highest debt maturity within 5 years is low at 0%, but 100% of debt maturity falls in 2026.
- Interest coverage ratio is high at 7.4 times
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