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

ESR-REIT has reported a distribution per unit (DPU) of 1.004 cents for its 2Q 2019, a marginal increase of 0.3% year-on-year from 2Q 2018.

The REIT’s gross revenue for the quarter was recorded at SGD63.8 million, an increase of 95.9% on-year while NPI rose 103.9% to SGD47.8 million over the same period.

The total distribution to unitholders for 2Q 2019 was SGD32.1 million, an increase of 102.4% on-year.

The increase in gross revenue and NPI was largely contributed from the acquisition of 15 Greenwich Drive, and the 9 properties from Viva Trust’s portfolio following the completion of the merger in October 2018.

This is in addition to the leasing up of 30 Marsiling Industrial Estate Road 8, as well as rental escalations from the existing property portfolio.

This increase was partially offset by the lease conversion from single to multi-tenancy for certain properties, said the REIT.

As at 30 June 2019, ESR-REIT’s gearing was at 39.0%, with average cost of debt at 3.98%.

Portfolio occupancy declined slightly to 91.0%, from 92.0% in the previous quarter.

ESR-REIT was last done on the Singapore Exchange at SGD0.54.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.