IREIT Global - DBS Research 2023-08-07: French Portfolio To Ease The Pressure

• IREIT Global (SGX:UD1U)'s 1H23 revenues were 5.5% lower y-o-y, 10.0% lower h-o-h, mainly due to the vacancy of Darmstadt Campus (vacant since November 2022). Also, the rent-free period for lease renewal at Bonn Campus (four-month rent-free for lease extension from May 2023), and some other rent-free periods for lease renewals at Munster Campus and Sant Cugat Green.
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1H23 DPU of EUR0.0092 is ~24% lower y-o-y

• The lower DPU was mainly due to the lower revenues, higher financing costs, as well as enlarged unit base from the preferential offering. It was also due to a one-off payment of EUR400,000 in leasing incentives for GMG as part of the six-year lease extensions at the Bonn Campus, and the preferential offering on 19 July 2023, which raised S$75.9m.
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Acquisition in France at an attractive yield of 7.9%

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2025-08-11 IREIT Global - Impacted By The Vacancy At Berlin Campus; Repositioning To Bear Fruit In FY27.

Previous report by DBS:
2025-02-28 IREIT Global - All Eyes On Berlin.

Price targets by other brokers at IREIT Global Target Prices.

Listing of research reports at IREIT Global Analyst Reports.

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IREIT Global Dividend Payout Dates & Corporate Actions,
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