ESR-LOGOS REIT - DBS Research 2023-02-01: 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 an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2025-01-27 ESR-REIT - Rejuvenated Portfolio Will Be Showcased In FY25.

Previous report by DBS:
2023-10-26 ESR-LOGOS REIT - Well Positioned For Tomorrow.

Price targets by 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 Dividend Payout Dates & Corporate Actions,
ESR-LOGOS REIT News