ESR-LOGOS REIT - Maybank Research 2024-04-24: Refinancing Booked

• ESR-LOGOS REIT (SGX:J91U)’s reversions were maintained at low teens (+10.8%) in 1Q24 amid lower occupancy, while its reversion guidance of a high single digit for the full year is unchanged.
• - Read this at SGinvestors.io -

Lowering revenue forecast

• In terms of capital recycling, in April ESR-LOGOS REIT divested 182-198 Maidstone Street Altona at a 7.4% premium above book. However, these continued operational highlights weren’t enough to offset the income gap from a bout of divestments since 2023. We lower our FY24 revenue forecast by ~6% to account for the income gap.

Mixed operational signs

• - Read this at SGinvestors.io -
• Rental trends have remained buoyant for Singapore logistics (+16.5%), high-spec (+12.7%) and general industrial (+14.9%) segments. Management expects continued strength in reversions for Singapore logistics and high-spec assets.

Higher expenses

• Read more at SGinvestors.io.

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

Read also Maybank's most recent report:
2025-02-02 ESR-REIT - Distribution, NAV Slips But Earnings Quality Improves.

Previous report by Maybank:
2024-11-07 ESR-LOGOS REIT - Stable Operations; Maintain BUY.

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