- ESR-REIT reported 2H24 DPU of S$0.997 cents, -11.1% h-o-h/-15.9% y-o-y. The decline was due to absence of top-ups, higher borrowing costs and larger number of units. Portfolio occupancy was stable, led by higher occupancy in Singapore.
- - Read this at SGinvestors.io -
Steady operating stats
- ESR-REIT's 2H24 revenue of S$189.6m and NPI S$133.8m were largely flat y-o-y. Compared to 1H24, metrics grew ~5%, led by acquisitions in Japan and Singapore as well as contribution from asset-enhanced properties.
- Combined with higher borrowing expenses on debt drawn to fund acquisitions, larger pay-out to enlarged base of perpetuals and absence of divestment gains led to the decline in ESR-REIT's DPU despite relatively stable top line.
- - Read this at SGinvestors.io -
Rebalancing portfolio; transformational ‘on-strategy’ acquisitions
- Read more at SGinvestors.io.
