IREIT property, Sant Cugat Green. (Photo: IREIT Global)

Data from IREIT Global’s latest results have been updated into the Singapore REITs table.

IREIT Global reported on 6 July that its net property income (NPI) for 1H 2021 increased by 23.4% year-on-year to EUR19.3 million, while income available for distribution increased by 16.9% to EUR15.1 million over the same period.

The REIT has attributed these increases mainly to the consolidation of the operating results of the Spanish properties, following the completion of acquisition of the balance 60% interest in the properties on 22 October 2020.

Accordingly, this translated to a 17.3% increase in the REIT’s distribution per unit (DPU) to 2.30 Singapore cents for 1H2021, after accounting for the issuance of new units.

Notwithstanding the COVID-19 pandemic situation in Europe, IREIT’s portfolio has remained resilient, said the REIT, pointing to its blue-chip tenant mix.

For 1H 2021, all tenants in IREIT’s portfolio have continued to pay their rents and none of them have requested for rental rebates or deferrals, the REIT added.

“We are also in advanced discussions with a few tenants who have break options and lease expiries in 2022 and are exploring the multi-let approach to protect IREIT’s future occupancy rate and rental income”, said Louis d’Estienne d’Orves, CEO of the REIT’s manager.

“We are happy to share that we have successfully secured three lease extensions and two new leases at the Spanish properties in July 2021 through these efforts”, he added.

The REIT's full disclosure of its results can be viewed here.

IREIT Global was last done on the Singapore Exchange at SGD0.645, which currently implies a distribution yield of 7.13% according to data compiled on the Singapore REITs table.

Related: IREIT Global spells out future direction amid forray into retail assets

By Shariffa Al-Habshee

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