ESR-REIT property at 23 Tuas Avenue 10. (Photo: ESR-REIT)

ESR-REIT has reported a distribution per unit (DPU) of 0.929 Singapore cents for its 4Q 2017, a fall of 6.7% from the 0.996 cents achieved in the corresponding period of 2016.

This after the industrial REIT’s gross revenue for the period slipped by 2.2% year-on-year to SGD27.2 million, although net property income improved slightly by 1.2% at SGD19.9 million.

ESR-REIT’s amount available for distribution to unitholders for the quarter was SGD12.2 million, a fall of 6.2% from the SGD13.0 million achieved in 4Q 2016.

As a result, the REIT’s gross revenue for FY2017 was SGD109.7 million, 2.1% lower than FY2016, while full-year DPU came in at 3.853 cents, 7.7% below FY2016.

Related analysis: Four good omens ahead for ESR-REIT after Ang Mo Kio acquisition

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.