ESR Reit posts 15.9% fall in H2 DPU to S$0.00997
THE manager of ESR Real Estate Investment Trust (ESR Reit) posted a distribution per unit (DPU) of S$0.00997 for its second half (H2) ended Dec 31, 2024, down 15.9 per cent from S$0.01186 a year ago.
This brings total DPU for FY2024 to S$0.02119, down 17.4 per cent year-on-year.
The distribution for H2 will be paid on Mar 14, following the record date of Feb 5.
Distributable income fell 14.7 per cent to S$77.8 million for the half-year period, from S$91.2 million in the same period the year before.
Gross revenue was unchanged at S$189.6 million for the half-year period, while net property income (NPI) grew 1.1 per cent to S$133.8 million, from S$132.3 million in the year-ago period.
For the full year, total income available for distribution fell 14.9 per cent to S$164 million, from S$192.7 million in the year-ago period.
Gross revenue was down 4.1 per cent at S$370.5 million, from S$386.4 million in the year-ago period. This was primarily due to the divestment of ten properties aggregating S$440.6 million in FY2023, the divestment of a property in Australia and in Singapore, as well as the decommissioning of 2 Fishery Port Road.
As a result, NPI for FY2024 fell 4.2 per cent to S$261.7 million from S$273.2 million in FY2023.
Units of ESR Reit ended on Thursday unchanged at S$0.26.
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