IREIT Global's Bonn Campus (Photo: IREIT Global)

IREIT Global has reported a distribution per unit (DPU) of 1.43 Singapore cents for its 4Q 2018, a decline of 2.1% from the corresponding period in 2017.

Revenue for the quarter increased by 3.4% year-on-year to EUR8.9 million (USD10.1 million) but net property income (NPI) slid by 5.9% to EUR7.5 million.

Correspondingly, the REIT's FY2018 gross revenue was 0.4% lower year-on-year at EUR34.8 million.

NPI and distributable income for the year also came in 2.8% and 3.2% lower at EUR30.6 million and EUR25.1 million, respectively due mainly to lower revenues, and an increase in property operating expenses.

However, the REIT’s DPU for FY2018 was lifted by more favourable SGD/EUR exchange rates, registering an increase of 0.5% at 5.80 cents for the year.

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By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.