ESR-REIT reports 15.6% fall in DPU for 1Q 2018 on enlarged unit base

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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.

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