- ESR-LOGOS REIT (SGX:J91U) remains in healthy financial shape, benefitting from its divestment and asset repositioning strategy which has helped it weather the current high interest rate environment. Portfolio recycling and rejuvenation is expected to continue, with selective acquisitions from the sponsor’s asset pipeline.
- - Read this at SGinvestors.io -
- ESR-LOGOS REIT's share price is trading at a ~10% discount to book value.
Active portfolio recycling to stay.
- In April, ESR-LOGOS REIT completed the divestment of 182-198 Maidstone Street in Victoria for AUD66m (~S$58m), at a 7.4% premium to the latest valuation and ~20% premium to the purchase price (Apr 2022).
- - Read this at SGinvestors.io -
- More divestments are anticipated this year, with management of ESR-LOGOS REIT guiding for S$200-300m in value for 2024.
- Post-divestment gearing is healthy at 36.3%, providing ample debt headroom for some targeted acquisitions. Proceeds have been used for targeted buybacks, with 11.4m shares repurchased at S$0.299/unit in 1Q.
Asset redevelopments on track
- Read more at SGinvestors.io.
Vijay Natarajan RHB Securities Research | https://www.rhbgroup.com/ 2024-06-07
Previous report by RHB:
2024-02-02 ESR-LOGOS REIT - Making Good Progress On Portfolio Rejuvenation; 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 Dividends & Corporate Actions,
ESR-LOGOS REIT News Articles
