Portfolio occupancy, however, improved to 94.4%. IREIT Global reported that its net property income fell 5.1% year-on-year in the first half of 2026, whilst gross revenue declined 2.3%, as higher finance costs weighed on the trust's earnings. Despite the earnings pressure, portfolio occupancy improved to 94.4% as at 30 June 2026, from 89.4% at the end of 2025, driven by leasing successes in Germany and Spain. Chief executive of the manager Peter Viens said the operating performance remained resilient, underpinned by leasing momentum across the portfolio. "Although higher finance costs are weighing on income available for distribution and DPU, we remain focused on active asset management, prudent cost control and disciplined capital management to strengthen IREIT's earnings resilience over time," Viens said.