Also, the REIT's NAV has been lowered "unexpectedly" too by 13% in euro terms. A new valuer, citing significantly higher discount rates, lowered the valuation of the REIT's key assets, the Berlin campus by 18% y-o-y, and the Concor Park by 38% y-o-y.
Vijay Natarajan of RHB Bank Singapore has downgraded his call for IREIT Global to "neutral" from "buy" after the Europe-based REIT's 2HFY2025 DPU missed his expectations. From his previous target price of 35 cents, Natarajan now figures this counter is only worth 27 cents.
The REIT, citing higher finance costs and lower net property income margins, has reported 2HFY2025 DPU of 0.38 euro cents, a plunge of 59.6% y-o-y, bringing full year DPU to 1.09 euro cents, down 42.6%.
