IREIT (UD1U) Q3 2025 earnings summary

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.