IREIT (UD1U) Q1 2026 earnings summary

Executive summary

• Focused on Western European real estate, primarily office (75%) and retail (25%), with assets in Germany, France, and Spain.

• Portfolio comprises 53 properties valued at €798.1m as of 31 Dec 2025, with a total lettable area of 425,263 sqm.

• Committed occupancy rate at 92.2% (excluding Berlin Campus), with a weighted average lease expiry (WALE) of 5.4 years.

• Active leasing and asset management efforts led to new leases and improved occupancy, especially in the German and Spanish portfolios.

Financial highlights

• Market capitalization stood at S$316.0 million as of 31 Mar 2026.

• Price-to-NAV ratio was 0.47x, and DPU yield was 6.9% based on FY2025 figures.

• Aggregate leverage remained stable at 44.7% as of 31 Mar 2026.

• Weighted average interest rate increased to 4.1% from 2.8% at end-2025 due to new interest rate swaps.

• Interest coverage ratio was 2.3x, down from 2.7x at end-2025.

Outlook and guidance

• European real estate market shows cautious but sustained improvement, supported by economic and monetary policies.

• Manager remains focused on asset management, tenant diversification, and improving occupancy and yield.

• Finance costs expected to rise due to refinancing and additional borrowings for Berlin Campus repositioning.

• Targeting to finalize refinancing for the Spanish Portfolio in 2H2026.