ESR-LOGOS REIT - DBS Research 2023-02-01: Divesting Now For Future Growth

ESR-LOGOS REIT - Divesting Now For Future Growth

  • ESR-LOGOS REIT (SGX:J91U)'s FY22 revenues and NPI were higher by 61% and 64% y-o-y mainly due to additional contribution from ALOG following the merger in April 2022. Higher utility costs and divestments in 2H22 partially offset the higher earnings.
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  • We believe that ESR-LOGOS REIT will continue to utilise some capital gains distribution to supplement DPUs in the near-term as several properties remain under development/AEI. An estimated S$50m in capital gains is at ESR-LOGOS REIT’s disposal.

Rental reversions continue to be on an uptrend; +11.8%

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  • Positive rental reversions, and an increase in service charges to tenants (up to 15.0% increase for some tenants from October 2022) help to mitigate some of the inflation on operating costs and higher utility costs.

Overall portfolio occupancy rate declined marginally by 1.0%

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Dale LAI DBS Group Research | Derek TAN DBS Research | 2023-02-01

Read also DBS's most recent report:
2023-10-26 ESR-LOGOS REIT - Well Positioned For Tomorrow.

Previous report by DBS:
2023-07-27 ESR-LOGOS REIT - Recapitalised For Growth.

Price targets by 3 other brokers at ESR-LOGOS REIT Target Prices.

Listing of research reports at ESR-LOGOS REIT Analyst Reports.

Relevant links:
ESR-LOGOS REIT Share Price History,
ESR-LOGOS REIT Announcements,
ESR-LOGOS REIT Dividends & Corporate Actions,
ESR-LOGOS REIT News Articles


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