IREIT GLOBAL IREIT Global ("IREIT") is the first Singapore-listed real estate investment trust with the investment strategy of principally investing, directly or indirectly, in a portfolio of income- producing real estate in Europe which is used primarily for office, retail and industrial (including logistics) purposes, as well as real estate-related assets.
IREIT's portfolio comprises 5 freehold office properties in Germany, 5 freehold office properties in Spain and 27 freehold retail properties in France, with a total lettable area of c.384,000 sqm. As at 30 September 2022, the portfolio has an occupancy rate of 96.5% and a valuation of €1,002.8 million.
IREIT is managed by IREIT Global Group Pte. Ltd., which is jointly owned by Tikehau Capital and City Developments Limited ("CDL"). Tikehau Capital is a global alternative asset management group listed in France, while CDL is a leading global real estate company listed in Singapore.
FACTSHEET AS AT 30 SEPTEMBER 2022
STOCK INFORMATION
SGX: UD1U and 8U7U | |
Ticker | Bloomberg: IREIT SP |
Reuters: IREI.SI | |
Listing Date | 13 August 2014 |
Total Units in Issue | 1,155,891,421 |
Market Capitalisation | S$577.9 million |
Financial Year End | 31 December |
Distribution | Semi-annual |
Frequency | |
Annualised 1H2022 | 1.41 € cents / 7.9% (1) |
DPU / Yield | |
Manager of IREIT | IREIT Global Group Pte. Ltd. |
Trustee of IREIT | DBS Trustee Limited |
PORTFOLIO SUMMARY
37
Properties
384,282 sqm
Lettable Area
€ | €1,002.8m | |||||||||||||
Valuation | 5 | |||||||||||||
€974.9m as at 31 December 2021 | ||||||||||||||
96.5% | Germany | |||||||||||||
27 | ||||||||||||||
Occupancy Rate | ||||||||||||||
95.7% as at 31 December 2021 | France | |||||||||||||
5 | ||||||||||||||
4.6 years | ||||||||||||||
Spain | ||||||||||||||
WALE | ||||||||||||||
3.8 years as at 31 December 2021 | ||||||||||||||
Germany | Spain | France | ||||||||||||
Properties | 5 | Properties | 5 | Properties | 27 | |||||||||
Lettable Area (sqm) | 201,103 | Lettable Area (sqm) | 87,679 | Lettable Area (sqm) | 95,500 | |||||||||
Valuation (€ m) (2) | 704.5 | Valuation (€ m) (2) | 170.8 | Valuation (2) (€ m) | 127.5 | |||||||||
% of Portfolio | 70.3% | % of Portfolio | 17.0% | % of Portfolio | 12.7% | |||||||||
Occupancy (%) | 99.2% | Occupancy (%) | 86.5% | Occupancy | 100% | |||||||||
WALE (years) (3) | 3.3 | WALE (years) (3) | 5.4 | WALE (years) (3) | 8.8 | |||||||||
- Based on 1H2022 DPU of 1.41 € cents, exchange rate of S$1.4053 per €, and closing unit price of S$0.50 as at 30 September 2022
- Based on the latest fair valuations
- Based on the gross rental income as at 30 September 2022
Joint Sponsors of IREIT Global:
FACTSHEET AS AT 30 SEPTEMBER 2022
PORTFOLIO COMPOSITION AND LEASES
Blue-Chip Tenant Mix
Key Tenants (1)
29.2%27.5% Reduced from
45.8% as at 31 December 2019
2.8% | |
4.4% | |
21.6% | |
14.5% | Deutsche Rentenversicherung Bund |
GMG - Deutsche Telekom | |
Decathlon | DXC Technology |
Allianz Handwerker Services GmbH | Others |
Stable Leases
Lease Break & Expiry Profile
Weighted Average Lease Expiry: 4.6 years (1)
Over 50% of leases | 53.8% | |||||||||
will expire only in | 41.1% | |||||||||
2027 and beyond | ||||||||||
26.4% | 26.1% | |||||||||
13.2% 12.4% | 8.2% | |||||||||
6.6% | ||||||||||
2.7% | 4.5% | 3.2% | ||||||||
1.8% | ||||||||||
2022 | 2023 | 2024 | 2025 | 2026 | 2027 and | |||||
Beyond | ||||||||||
Based on lease break | Based on lease expiry | |||||||||
FINANCIAL HIGHLIGHTS
Net Property Income | Distributable Income | Distribution Per Unit |
€'000 | €'000 | € Cents |
42,482 | 34,386 | 3.57 | ||||||||||||
32,894 | +26.4% YoY | +20.4% YoY | 2.93 | |||||||||||
30,662 | 27,434 | 2.64 | -1.4% YoY (2) | |||||||||||
25,264 | ||||||||||||||
24,435 | 18,233 | |||||||||||||
19,327 | 15,149 | |||||||||||||
1.43 | 1.41 | |||||||||||||
FY2019 | FY2020 | FY2021 | 1H2021 | 1H2022 | FY2019 | FY2020 | FY2021 | 1H2021 | 1H2022 | FY2019 | FY2020 | FY2021 | 1H2021 | 1H2022 |
CAPITAL MANAGEMENT
Debt Maturity Profile | |
€ 'million | 281.3 |
51.4
2021 2022 2023 2024 2025 2026 2027
30 Sep 2022 | 31 Dec 2021 | |||||||
Gross Borrowings | 332.7 | 332.7 | ||||||
Outstanding (€'million) | ||||||||
Aggregate Leverage (3) | 30.6% | 32.1% | ||||||
Effective Interest Rate (4) | 1.8% | 1.8% | ||||||
Interest Coverage Ratio (3) | 8.0x | 7.7x | ||||||
Weighted Average Debt | 3.8 years | 4.5 years | ||||||
Maturity | ||||||||
- Based on gross rental income as at 30 September 2022.
- 1H2022 DPU decreased marginally by 1.4% YoY to 1.41 € cents, due to the effect of the management fees being paid 100% in cash from FY2022 onwards (compared to 50% in prior year). Had the management fees been paid 100% in cash in 1H2021, DPU would have been 3.7% higher YoY.
- Aggregate leverage and interest coverage ratio are calculated based on the respective definitions under MAS' Code on Collective Investment Schemes, Property Funds Appendix 6.
- Effective interest rate computed over the tenor of the borrowings including amortisation of upfront transaction costs. Substantially all of the bank borrowings have been hedged with interest rate swaps and interest rate caps.
IREIT GLOBAL GROUP PTE. LTD.
1 Wallich Street #15-03 Guoco Tower Singapore 078881 | |||
T: +65 6718 0593 | F: +65 6718 0599 | Investor Relations Enquiries: ir@ireitglobal.com | Website:http://www.ireitglobal.com |
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IREIT Global published this content on 21 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 November 2022 07:08:06 UTC.
