Decathlon Lannion (IREIT Global)

Data from IREIT Global’s latest disclosure has been incorporated into the Singapore REITs table.

IREIT Global disclosed on 11 November that its portfolio weighted average lease expiry (WALE) has improved to 4.0 years from 3.1 years in the previous quarter.

The improvement came on the back of acquisitions in France and Spain.

Accordingly, IREIT’s portfolio occupancy for the quarter was largely unchanged from 95.9% in the previous quarter.

In its disclosure, IREIT noted that economies in Europe have reopened substantially and workers are returning to their offices progressively.

Amid this, all of the REIT’s tenants have paid their rents for the first nine months of 2021.

Additionally, there have been no requests for rental rebates or deferrals from the tenants, the REIT added.

IREIT’s aggregate leverage increased slightly from 33.3% as at 30 Jun 2021 to 35.8% at the time of reporting.

This came as IREIT took advantage of the low interest rate environment by drawing down more borrowings to finance its recent acquisitions, it added.

The REIT assured investors that its balance sheet was still robust with ample debt headroom to pursue future investment opportunities.

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

Related: IREIT Global loses another GMG lease

By Shariffa Al-Habshee

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