IREIT Global's maiden acquisition, an office property in Berlin.

IREIT Global has reported a distribution per unit (DPU) of 1.42 Singapore cents for its 1Q 2019, a decline of 2.7% year-on-year.

The REIT’s gross revenue for the quarter was 1.4% higher year-on-year at EUR8.7 million but net property income was 1.8% lower amid a 30.2% increase in property operating expenses.

Distributable income for 1Q 2019 came in at EUR6.3 million, a decrease of 0.5% compared to 1Q 2018, while DPU in EUR terms was down 1.1%.

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By Shariffa Al-Habshee

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