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

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

ESR-REIT’s announced on 22 July that its distribution per unit (DPU) for 1Q 2021 has increased by 14.8% year-on-year from 0.697 cents to 0.800 cents.

The REIT’s gross revenue increased 4.4% from a year ago to SGD60.3 million while net property income (NPI) rose 7.6% year-on-year to SGD44.1 million.

ESR-REIT has attributed these increases to the absence of provision for COVID-19 rental rebates to tenants and lower property expenses.

For the quarter, the total amount available for distribution to unitholders was up 17.1% year-on-year to SGD28.7 million mainly due to higher NPI and lower borrowing costs.

Core DPU for 1Q 2021 was 0.800 Singapore cents, up 14.8% year-on-year from 0.697 Singapore cents in 1Q2020 and 8.0% quarter-on-quarter from 0.741 Singapore cents in 4Q 2020.

Portfolio occupancy rate was at 90.8%, with a weighted average lease expiry (WALE) of 2.9 years.

The REIT’s full statement on its performance for the period can be viewed here.

ESR-REIT was last done on the Singapore Exchange at SGD0.405, which implies a distribution yield of 7.9% according to data on the Singapore REITs table.

Related: AIMS APAC REIT appears on radar as target for merger with ESR-REIT

By Shariffa Al-Habshee

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