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IREIT (UD1U) investor relations material
IREIT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Focused on Western European real estate, primarily office, retail, and logistics, with a €859.8m portfolio across Germany, France, and Spain.
Portfolio committed occupancy at 89.0% as of 30 Sep 2025, with a weighted average lease expiry of 5.6 years.
Ongoing repositioning of Berlin Campus into a mixed-use asset, with construction on schedule and funding secured for the first phase.
Financial highlights
Aggregate leverage increased to 41.3% post-refinancing, below the S-REITS office subsector average of 44.3%.
Weighted average interest rate at 2.6% as of 30 Sep 2025, with 97.5% of borrowings hedged.
Interest coverage ratio at 4.0x; interest costs expected to rise post-refinancing due to higher loan margins and hedging costs.
Outlook and guidance
European real estate market showed improvement in 2025, though growth moderated by macroeconomic and geopolitical uncertainties.
Manager remains proactive on leasing, portfolio yield optimization, and capital recycling.
Absence of income from Berlin Campus during repositioning expected to significantly impact distributions.
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