IREIT Global portfolio occupancy dips to 87.0% QoQ

But its rental rate grew to 3.4%

IREIT Global Group's portfolio occupancy fell by 1.3 percentage points to 87% in the first quarter of 2023 from 88.3% in the fourth quarter of 2022.

The company's Business Update for the quarter stated that it is due to lower occupancy rates at Il∙lumina and Sant Cugat Green.

However, its rental rate escalated to 3.4% quarter-over-quarter (QoQ) from 2.8% due to step-up rents and CPI indexation.

Its aggregate leverage grew to 32.3% QoQ from 32%, whilst its weighted average interest rate increased to 1.9% p.a. from 1.8% p.a.

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