ESR-REIT's UE BizHub EAST. (Photo: REITsWeek)

Data from ESR-REIT’s latest results have been updated into the Singapore REITs table.

ESR-REIT has declared a distribution per unit of 0.798 Singapore cents for 3Q2020, a fall of 20.2% year-on-year.

The distribution includes the release of SGD3.5 million (USD2.5 million) distributable income from 1Q 2020, which was previously retained in view of COVID-19 uncertainties.

The release of SGD3.5 million or 50% of the retained distribution reflects the resilience and stability of the portfolio, and the gradual resumption of economic activities, said the REIT.

For the period, ESR-REIT reported gross revenue of SGD56.9 million for 3Q2020, an increase of 1.6% quarter-on-quarter, and a decrease of 8.1% year-on-year.

Net property income for 3Q2020 was SGD40.4 million, an increase of 3.1% quarter-on-quarter and a decline of 10.9% year-on-year.

New leases that commenced during 3Q 2020 contributed to the improved showing in gross revenue and NPI on a quarter-on-quarter basis.

As at 30 September 2020, ESR-REIT’s portfolio occupancy was at 90.8%.

Gearing was at 41.6%, and the weighted average all-in cost of debt is 3.5% per annum.

ESR-REIT was last done on the Singapore Exchange at SGD0.345, which implies a distribution yield of about 8.1% according to data compiled on the Singapore REITs table.

By Shariffa Al-Habshee

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