ESR-REIT's 70 Seletar Aerospace View (Photo: REITsWeek)

Warburg Pincus-linked ESR-REIT has reported a distribution per unit (DPU) of 0.847 Singapore cents for its 1Q 2018, a fall of 15.6% from the 1.004 cents achieved in the corresponding period of 2017.

After adjusting for the 262.8 million new units issued in a preferential offering exercise in March 2018, and the dividend reinvestment programme, the DPU for 1Q 2018 would have been 1.008 cents instead, which is an increase of 0.4% year-on-year, said the REIT.

ESR-REIT’s gross revenue for the period came in at SGD33.6 million (USD25 million) while its net property income (NPI) was at SGD23.8 million, representing year-on-year increases of 21.2% and 20.8%, respectively.

The REIT has attributed the better revenue and NPI figures mainly to full quarter contributions from the two recent acquisitions completed in December 2017, but partially offset by the non-renewal of certain leases, lease conversions, and four property divestments since 1Q 2017.

To read the full article, please login or register.

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.