- ESR-LOGOS REIT (SGX:J91U) posted a 19.2%/19.4% y-o-y increase in 9M23 gross revenue/NPI to S$290.7m/S$206.1m, due largely to the impact of its merger with ARA Logos Logistics Trust (ALOG) in Apr 22, as well as positive rental reversions and new contributions from its Japan acquisition, partly offset by the income vacuum from divested properties.
- - Read this at SGinvestors.io -
Achieved positive reversions of 13.5% in 3Q23
- Portfolio occupancy stood at 90.3% as at end-3Q23 (92.3%, excluding 2 Tuas Ave, the redevelopment of 2 Fishery Port Rd, and the newly completed 7002 Ang Mo Kio Ave5).
- In Oct 23, ESR-LOGOS REIT announced that it achieved full occupancy for its ESR Sakura Distribution Centre in Tokyo as well as increased the take-up at 7002 Ang Mo Kio Ave 5, bringing occupancy of the building to ~62% (from 50% at end 3Q). Additional contributions from these properties should bolster the group’s bottomline going forward, in our view.
- - Read this at SGinvestors.io -
Stronger balance sheet with lower gearing post-asset divestments
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