IREIT Global SGD    Last:0.215   -

IREIT Global

Very strange.
1H20 DPU was 2.85 cents ----------  so why is this 1H21 DPU at 2.30 cents considered as increase of 17.3%?

Starship      ( Date: 06-Aug-2021 21:44) Posted: IREIT Global delivers firm set of results for 1H2021 &bull 1H2021 DPU at 2.30 Singapore cents, up 17.3% year-on-year  &bull All tenants continued to pay rents and no rental rebates or deferrals were requested &bull Completion of acquisition of a portfolio of 27 retail properties in France to enhance IREIT&rsquo s lease profile and add scale and diversification to its portfolio &bull Implementation of dual currency trading and change in distribution currency to benefit unitholders SINGAPORE | 6 AUGUST 2021 For immediate release IREIT Global (&ldquo IREIT&rdquo ), a Europe-focused real estate investment trust managed by IREIT Global Group Pte. Ltd. (the &ldquo Manager&rdquo ), is pleased to report a firm set of financial results for the first half year ended 30 June 2021 (&ldquo 1H2021&rdquo ). Net property income for 1H2021 increased by 23.4% year-on-year to &euro 19.3 million, while income available for distribution increased by 16.9% to &euro 15.1 million over the same period. The increase was mainly due 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. This in turn contributed to a 17.3% increase in the distribution per unit (&ldquo DPU&rdquo )to 2.30 Singapore cents for 1H2021. Notwithstanding the COVID-19 pandemic situation in Europe, IREIT&rsquo s portfolio has remained resilient, underpinned by its strategy of focusing on blue-chip tenant mix and good quality assets in established office areas. For 1H2021, all tenants in IREIT&rsquo s portfolio have continued to pay their rents and none of them have requested for rental rebates or deferrals. In June 2021, Deutsche Rentenversicherung Bund (&ldquo DRV&rdquo ), the major tenant at Berlin Campus, did not exercise its break option to return part of its leased space to IREIT in 2022. As a result, the entire lease with DRV will now only expire in June 2024, thereby raising the income visibility at Berlin Campus substantially. Mr Louis d&rsquo Estienne d&rsquo Orves, Chief Executive Officer of the Manager, said, &ldquo We are also in advanced discussions with a few tenants who have break options and lease expiries in 2022 and is exploring the multi-let approach to protect IREIT&rsquo s future occupancy rate and rental income. We are happy to share that we have successfully secured 3 lease extensions and 2 new leases at the Spanish properties in July 2021 through these efforts.&rdquo The office market in Germany and Spain has generally improved in the recent months, with investors showing particular interest in German office real estate. Nonetheless, the Manager is closelythe possible impact of the future demand for office space, in view of the potential adoption of hybrid working model and flexible working arrangement by companies as a result of the COVID-19 pandemic. The completion of the acquisition of a portfolio of 27 retail properties in France in July 2021 is expected to strengthen IREIT&rsquo s lease profile and add further scale and diversification to IREIT&rsquo s portfolio. In addition, the Manager intends to continue to actively pursue acquisitions to optimise the long-term returns of IREIT. The Manager has also announced today the proposed divestment of the multi-storey car park located adjacent to Darmstadt Campus as part of its capital recycling strategy. The sale consideration of the car park was &euro 9.5 million, approximately 10.5% higher than its independent valuation of &euro 8.6 million as at 30 June 2021. The completion of the divestment is expected to take place in the fourth quarter of 2021. Furthermore, the Manager will be implementing the dual currency trading for IREIT with effect from 17 August 2021. With this implementation, units in IREIT can be traded in Euros and Singapore dollars, as opposed to &rdquo dollars currently. In addition, the Manager will be changing the distribution currency of IREIT from Singapore dollars to Euros starting with the distribution for the period from 30 June 2021 to 31 December 2021 onwards.  Mr d&rsquo Estienne d&rsquo Orves added, &ldquo The initiatives on the dual currency trading and change in distribution currency will provide more flexibility to Unitholders as well as time and cost savings as there is no longer a need to hedge the distributable income for IREIT&rsquo s future distributions. http://ireitglobal.listedcompany.com/newsroom/20210806_212209_UD1U_L17N5R69KPO8IFCH.3.pdf

 

1H 2021 Distribution Breakdown

On 30 June 2021, IREIT issued 11,372,868 new Units (the &ldquo Placement Units&rdquo ) to an investor pursuant to the Placement. An advanced distribution (the &ldquo Advanced Distribution&rdquo ) was declared for the period from 1 January 2021 to 29 June 2021, being the day immediately prior to the date on which the Placement Units were issued. This was to ensure that the total amount available for distribution, accrued by IREIT up to the day immediately prior to the date on which the Placement Units were issued, was only distributed to the existing Unitholders.

Total distribution per Unit
                                                1 Jan 2021 to 29 Jun 2021            30 Jun 2021                          1 Jan 2021 to 30 Jun 2021

Before retention
- &euro cents                                          1.58(1)                                    0.01(2)                                            1.59
-S$ cents                                          2.55                                      0.01                                                2.56

After retention
- &euro cents                                          1.42(1)                                  0.01(2)                                            1.43
- S$ cents                                        2.29(3)                                  0.01                                                2.30

Footnotes:
(1) DPU was calculated based on 939,896,593 Units (excluding the Placement Units).
(2) DPU was calculated based on 951,269,461 Units (including the Placement Units).
(3) The Advanced Distribution of 2.29 Singapore cents for the distribution period from 1 January 2021 to 29 June 2021 was declared on 6 August 2021. Please refer to Section 14(a) for details. The next distribution following the Advanced Distribution will comprise income to be distributed to Unitholders from 30 June 2021 to 31 December 2021. Calendar year semi-annual distributions will resume thereafter.

http://ireitglobal.listedcompany.com/newsroom/20210806_212209_UD1U_L17N5R69KPO8IFCH.1.pdf

 

(1) DUAL CURRENCY TRADING OF UNITS ON SGX-ST AND
(2) CHANGE IN DISTRIBUTION CURRENCY
Units will commence trading in &euro in addition to S$ on Tuesday, 17 August 2021

Accordingly, the Manager is pleased to announce that with effect from 9.00 a.m. on Tuesday, 17 August 2021, Units will commence trading on SGX-ST in Euro (&ldquo &euro &rdquo ) (in addition to Singapore dollars (&ldquo S$&rdquo )).

The Units are currently quoted and traded only in S$. With the implementation of the dual currency trading of the Units from 17 August 2021, IREIT will have a &euro counter in addition to its existing S$ counter and investors will be able to buy or sell the Units through either counter given the fungibility of Units between the two counters.

The trading name and stock code of the &euro counter will be announced once available from SGX-ST.

Investors will be able to trade in the new &euro counter for IREIT in the same manner as any other counters on the SGX-ST, i.e. investors can make use of their existing securities accounts and trading accounts with The Central Depository (Pte) Limited (&ldquo CDP&rdquo ) to trade in the new &euro counter.

Trades made in the S$ counter will be settled through SGX-ST in S$. Trades made in the &euro counter will be settled through SGX-ST in &euro . The Units traded in both counters are identical.

The Manager further wishes to announce that the distribution currency of IREIT will be changed from S$ to &euro starting from
the next distribution of IREIT. For the avoidance of doubt, the advanced distribution for the period from 1 January 2021 to
29 June 2021 (being the date immediately prior to the date on which new Units are issued pursuant to the placement announced
on 21 June 2021) will still be payable in S$. Accordingly, the next distribution of IREIT which will be declared and payable in &euro will
comprise IREIT&rsquo s income to be distributed for the period from 30 June 2021 to 31 December 2021. Calendar year semi-annual
distributions will resume thereafter and will be declared in &euro .

Each Unitholder who is a direct account holder of CDP with an active Direct Crediting Service (&ldquo DCS&rdquo ) bank account will be directly
credited his distribution in S$ equivalent of the &euro distribution declared through CDP&rsquo s Currency Conversion Service (&ldquo CCY&rdquo ) in his
active DCS bank account, unless he opts out of the CCY. CDP will convert the distributions in &euro to S$ at such competitively priced
exchange rate sourced and provided by CDP&rsquo s partner bank (HSBC). CDP, the Manager, DBS Trustee Limited, as trustee of IREIT
(the &ldquo Trustee&rdquo ) or IREIT shall not be liable for any loss arising from the conversion of distributions payable to Unitholders from &euro into
S$. In the event that a Unitholder who is a CDP direct account holder has (i) not yet subscribed for DCS with CDP, or (ii) opted
out of CCY, his relevant &euro distribution will be retained by CDP and reflected under the Cash Transaction section of his CDP
monthly account statement (the retention by CDP being a good discharge by the Manager, the Trustee and IREIT of their
obligations, if any). 

For the avoidance of doubt, Unitholders who hold Units through a depository agent (including a nominee, custodian or other
financial intermediary) will not be provided the CCY. Such Unitholders who wish to receive his &euro distribution in S$ may seek the
advice and/or consult their relevant depository agents for such similar conversion services.

http://ireitglobal.listedcompany.com/newsroom/20210806_213116_UD1U_TN0QD48IXU9CXSC2.1.pdf

 

 

Replace - Cash Dividend/ Distribution :: Mandatory
Aug 06, 2021

Cash Dividend/ Distribution

Declared Dividend/ Distribution Rate (Per Share/ Unit)          SGD 0.0229
Dividend/ Distribution Period                                                01/01/2021 TO 29/06/2021
Ex Date                                                                            28/06/2021
Pay Date                                                                          27/08/2021

http://ireitglobal.listedcompany.com/news.html/id/2345692

 

IREIT Global delivers firm set of results for 1H2021

&bull 1H2021 DPU at 2.30 Singapore cents, up 17.3% year-on-year 
&bull All tenants continued to pay rents and no rental rebates or deferrals were requested
&bull Completion of acquisition of a portfolio of 27 retail properties in France to enhance IREIT&rsquo s lease profile and add
scale and diversification to its portfolio
&bull Implementation of dual currency trading and change in distribution currency to benefit unitholders

SINGAPORE | 6 AUGUST 2021
For immediate release

IREIT Global (&ldquo IREIT&rdquo ), a Europe-focused real estate investment trust managed by IREIT Global Group Pte. Ltd. (the &ldquo Manager&rdquo ),
is pleased to report a firm set of financial results for the first half year ended 30 June 2021 (&ldquo 1H2021&rdquo ).

Net property income for 1H2021 increased by 23.4% year-on-year to &euro 19.3 million, while income available for distribution increased
by 16.9% to &euro 15.1 million over the same period. The increase was mainly due 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.
This in turn contributed to a 17.3% increase in the distribution per unit (&ldquo DPU&rdquo )to 2.30 Singapore cents for 1H2021.

Notwithstanding the COVID-19 pandemic situation in Europe, IREIT&rsquo s portfolio has remained resilient, underpinned by its
strategy of focusing on blue-chip tenant mix and good quality assets in established office areas. For 1H2021, all tenants in
IREIT&rsquo s portfolio have continued to pay their rents and none of them have requested for rental rebates or deferrals.

In June 2021, Deutsche Rentenversicherung Bund (&ldquo DRV&rdquo ), the major tenant at Berlin Campus, did not exercise its break
option to return part of its leased space to IREIT in 2022.

As a result, the entire lease with DRV will now only expire in June 2024, thereby raising the income visibility at Berlin Campus
substantially.

Mr Louis d&rsquo Estienne d&rsquo Orves, Chief Executive Officer of the Manager, said, &ldquo We are also in advanced discussions with a few
tenants who have break options and lease expiries in 2022 and is exploring the multi-let approach to protect IREIT&rsquo s future
occupancy rate and rental income. We are happy to share that we have successfully secured 3 lease extensions and 2 new
leases at the Spanish properties in July 2021 through these efforts.&rdquo

The office market in Germany and Spain has generally improved in the recent months, with investors showing particular interest
in German office real estate. Nonetheless, the Manager is closelythe possible impact of the future demand for office space, in view
of the potential adoption of hybrid working model and flexible working arrangement by companies as a result of the COVID-19 pandemic.
The completion of the acquisition of a portfolio of 27 retail properties in France in July 2021 is expected to strengthen IREIT&rsquo s lease
profile and add further scale and diversification to IREIT&rsquo s portfolio. In addition, the Manager intends to continue to actively pursue
acquisitions to optimise the long-term returns of IREIT.

The Manager has also announced today the proposed divestment of the multi-storey car park located adjacent to Darmstadt
Campus as part of its capital recycling strategy. The sale consideration of the car park was &euro 9.5 million, approximately 10.5%
higher than its independent valuation of &euro 8.6 million as at 30 June 2021. The completion of the divestment is expected to take
place in the fourth quarter of 2021.

Furthermore, the Manager will be implementing the dual currency trading for IREIT with effect from 17 August 2021. With this
implementation, units in IREIT can be traded in Euros and Singapore dollars, as opposed to &rdquo dollars currently.
In addition, the Manager will be changing the distribution currency of IREIT from Singapore dollars to Euros starting with
the distribution for the period from 30 June 2021 to 31 December 2021 onwards. 

Mr d&rsquo Estienne d&rsquo Orves added, &ldquo The initiatives on the dual currency trading and change in distribution currency will provide more
flexibility to Unitholders as well as time and cost savings as there is no longer a need to hedge the distributable income for IREIT&rsquo s
future distributions.

http://ireitglobal.listedcompany.com/newsroom/20210806_212209_UD1U_L17N5R69KPO8IFCH.3.pdf
 

 

As low as 63.5c today, I think that is a fair price with limited downside.

Silo1234      ( Date: 25-Jul-2021 13:42) Posted: --- Post Removed by User ---

 

yes,if one is to invest.in an unfamiliar stock for the first time, one should do DYODD, no matter how tempting the views are from others. I am not a technical man, I only give views from the other side of the world,so up to you to digest them

I wrote somewhere here that if anyone is keen to invest in REITS but don' t know when, I said the best opportunity is during crisis and this opportunity will come every few years. For iREIT that last opportunity was during March last year during circuit breaker, when price went as low as 0.37-0.38. But price is always a funny issue.... In a few years when price climbs to perhaps a dollar, maybe people will look back and yearning for the current 0.64 - 0.65 price to enter again?

vested, pdyohwadfmb 
 

Silo1234      ( Date: 25-Jul-2021 13:37) Posted: --- Post Removed by User ---

 

Prudent dividend investors follow our famous AK71 of ASSI and all laugh to the bank together.
He is without a doubt the largest retail dividend investor in SG with the highest amount of dividends earnd annually.
He' s  very logical, very analytical, very prescient and he never ask anyone to buy any counter.
And never tells readers what they should do.

http://singaporeanstocksinvestor.blogspot.com/

Silo1234      ( Date: 24-Jul-2021 22:07) Posted: --- Post Removed by User ---

 

" When the price is right" ..... the problem is, IMO, there is no right time for this particular stock. I already posted at length the fundamentals and historical bites of the stock. It' s 52 week range is 0.58 to 0.68 but in most recent times hovering around 0.63 to 0.65. If you are thinking of less than 0.60 as the right price, IMO, it will not happen. In fact it will go the other way. In fact I expect it will go over 0.70 very very soon, barring catastrophic events here. But then good thing is this reit has its properties portfolio overseas not here, not yet. I expect the half yearlyresults around 6 Aug to be good. I expect the purchase of the 27 Decathlon assets in France to be acquisition positive, not necessary dpu accretive, it has been paying very good yields already, even in pandemic years. Two years it' s yields was as high as 8.5%. Even at today' s price, it' s yields is around 6.5%. Three Mapletree group reits, MIT, MLT, MCT (which I m also vested) trading at premium to nav have yields of only around 4%. Talking about which, Ireit is trading at discount to its nav.

Two other points why it will be very difficult to go down below 0.60. First, it' s recent rights issue price is 0.595. You think the big investors, who subscribed to the rights will let it? Second, City Dev in 2019, bought a chunk at 0.76, you think it will let it be?

finally the analysts and brokers are generally positive of the stock. DBS has a target price of 0.75 by the way, but it' s the market perception that is more important. Right now the sentiments are very good. As I akways say, the black market is never wrong.

 

With the diversification and distribution >6.5%, good to invest to balance with those big name reits.

Silo1234      ( Date: 24-Jul-2021 20:14) Posted: --- Post Removed by User ---

 

vinc3538      ( Date: 24-Jul-2021 14:16) Posted: Ireit investor in most way are looking at income recurring... will be a decent investment for the coming years... as history do teaches us ...those great return are those invested for many years...ie well managed profitable company... Lobster      ( Date: 24-Jul-2021 11:32) Posted: Everybody seems to get their full excess. Good! But only if they keep and don' t flood the sales market!

 

Ireit investor in most way are looking at income recurring... will be a decent investment for the coming years...
as history do teaches us ...those great return are those invested for many years...ie well managed profitable company...

Lobster      ( Date: 24-Jul-2021 11:32) Posted: Everybody seems to get their full excess. Good! But only if they keep and don' t flood the sales market!

 

Everybody seems to get their full excess.
Good! But only if they keep and don' t flood the sales market!

 

i have almost half of yours. LOL
Rights 25000. Excess 25000.

Let' s hope its good for the long term! 

Plantoretire      ( Date: 23-Jul-2021 22:52) Posted: i got 100% of the rights and almost half of the 200% excess applied, so in total ~100k. prophetjul      ( Date: 23-Jul-2021 20:30) Posted: You meant you got almost another 100k excess shares? WoW

 

Congrats...in the money already!

 

i got 100% of the rights and almost half of the 200% excess applied, so in total ~100k.

prophetjul      ( Date: 23-Jul-2021 20:30) Posted: You meant you got almost another 100k excess shares? WoW! Plantoretire      ( Date: 23-Jul-2021 07:45) Posted:   My righits was slightly greater than 50k,I applied for 200% excess. I know of ppl who has less rights and get less % for the excess alloted, that is why I am happy for this round for my alloted excess.

 

You meant you got almost another 100k excess shares? WoW!

Plantoretire      ( Date: 23-Jul-2021 07:45) Posted:   My righits was slightly greater than 50k,I applied for 200% excess. I know of ppl who has less rights and get less % for the excess alloted, that is why I am happy for this round for my alloted excess.    Starship      ( Date: 22-Jul-2021 18:06) Posted: Using percentage doesn' t give a clear picture of the excess rights allocation. As stated in the company announcement (earlier post furthr down below), there are 26.6m rights shares fm the public pool that were not appplied for which are then alloted to those who subscribed for excess rights. For those who are entitled to only a few thousand rights, if they apply for another few thousand excess rights, they are most likely to get full alloccation. But for big holders who are entitled to tens of thousands to hundreds of thousands rights (which there are many such dividend income retail investors in SG), they are unlikely to be alloted lots of excess rights ----- these shareholders are more likely to be allotted only a small percentage of their 50,000 or 100,000 excess rights application

 

Requested to double my allocation. Didn't get all. ☹ ️

 

  My righits was slightly greater than 50k,I applied for 200% excess. I know of ppl who has less rights and get less % for the excess alloted, that is why I am happy for this round for my alloted excess.   

Starship      ( Date: 22-Jul-2021 18:06) Posted: Using percentage doesn' t give a clear picture of the excess rights allocation. As stated in the company announcement (earlier post furthr down below), there are 26.6m rights shares fm the public pool that were not appplied for which are then alloted to those who subscribed for excess rights. For those who are entitled to only a few thousand rights, if they apply for another few thousand excess rights, they are most likely to get full alloccation. But for big holders who are entitled to tens of thousands to hundreds of thousands rights (which there are many such dividend income retail investors in SG), they are unlikely to be alloted lots of excess rights ----- these shareholders are more likely to be allotted only a small percentage of their 50,000 or 100,000 excess rights application. prophetjul      ( Date: 22-Jul-2021 16:18) Posted: Are you implying you managed to receive 98%  of your application for excess rights?

 

Yeah, I had my application for excess fully allocated. 

Lobster      ( Date: 22-Jul-2021 17:38) Posted: I believe him. I was alloted about 6400 plus, and I round it up to 10,000 including excess and got all of them.  Where  the excess came from, I don' t care, because it was supposed to be over 50% oversubscribed. I suppose the manager and insiders gave up part of their rights.... prophetjul      ( Date: 22-Jul-2021 16:18) Posted: Are you implying you managed to receive 98%  of your application for excess rights?