ESR-Reit Q3 NPI up 28.6% at S$247.8 million amid higher contributions from existing properties
Distributable income rises 6.8% year on year to S$134.6 million, from S$126 million
[SINGAPORE] The manager of ESR Real Estate Investment Trust (ESR-Reit) on Wednesday (Oct 29) posted a 28.6 per cent rise in net property income (NPI) to S$247.8 million for its third quarter, up from S$192.7 million in the year-ago period.
This was mainly due to the full year-to-date contributions from acquisitions of ESR Yatomi Kisosaki Distribution Centre and 20 Tuas South Avenue 14 which was completed in November 2024, the manager said.
It added that the completion of asset enhancement initiatives for 7002 Ang Mo Kio Avenue 5 and 21B Senoko Loop in, as well as higher NPI from existing properties, also contributed to the increase.
For the three months, distributable income was up 6.8 per cent year on year at S$134.6 million, from S$126 million in Q3 2024.
The increase was partially offset by additional funding drawn to finance the acquisitions and lower capital gains distribution compared that in the year to date for Q3 2024.
Gross revenue stood at S$334.5 million, up 22.7 per cent from the previous corresponding period.
Units of ESR Reit closed on Tuesday 0.7 per cent or S$0.02 higher at S$2.89, before the news.
