ESR-LOGOS REIT - OCBC Investment 2023-02-02: Rejuvenating Portfolio To Drive Future Growth

• ESR-LOGOS REIT's 2H22 DPU rose 7.5% y-o-y to S$0.0152.
• Positive rental reversion of 11.8%.
• Logistics and high-specs industrial segments drove space demand.

2H22 DPU above our expectations on higher capital distribution

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• ESR-LOGOS REIT's 2H22 DPU came in at S$0.0154 (+7.5% y-o-y), brining full year DPU to S$0.03 (+0.4% y-o-y), above our expectations due to higher-than-expected capital gains distribution of S$14.5m.

Rental reversion improved from -1.7% in FY21 to +11.8%in FY22

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• Rental reversion came in at 11.8% in FY22 with all the segments registering positive rental reversions (Logistics: +15.7%, High-specs industrial: +12.3%, General industrial: +9.7%, Business Park: +4.7%). Management expects FY23 rental reversion to be around 4-6%, driven by the logistics segment.

Identified up to S$450m of non-core assets to be divested over the next 12 months

• Read more at SGinvestors.io.

Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2023-04-11 ESR-LOGOS REIT - EFR Of ~S$300m To Strengthen Balance Sheet .

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