IREIT Global: 2Q16 DPU in line and backed by long term German leases
-2Q16 DPU 1.6¢ (+45.5%) - in line with street estimate
-2Q16 distributable income €6.4m (+47%), revenue €8.5m (+57%), NPI €7.6m (+57%)
-Growth was driven by Berlin Campus, an office property acquired in Aug '15
-Hedging for FX risk has been increased to 100% from 8o% of FY16 forecast distributable income
-German office market expected to see strong demand but has limited supply
-IREIT performance expected to remain stable given long leases and blue chip tenants
-Trading at 2Q annualised yield of 8.4% > 5.8-7.5% from other Spore office REITs
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