0429 GMT - IREIT Global faces a delay in income contribution from its new lease with Berliner Verkehrsbetriebe at its 'Berlin RE(O Campus' in Germany, RHB Research's Vijay Natarajan says. The tenant will be conducting a phased shift-in from October 2028 to 2030, with 12-month rent-free period provided for each phase, the analyst notes. Hence, meaningful income contribution and distribution-per-unit increase for the REIT will commence from 2030 onward, the analyst says. RHB Research lowers the unit's target price to 0.21 Singapore dollar from S$0.27 with an unchanged neutral rating. The units are 5.0% higher at S$0.21.