ESR-REIT Reports 14.3% DPU Growth in H1 2021
July 27, 2021 – ESR-REIT reported a 14.3% increase in its distribution per unit (DPU) in the period January 2021 to June 2021 to hit 1.554 Singapore cents from 1.359 Singapore cents in the same period last year.
Gross revenue for the first half of 2021 grew 5.4% to S$119.8 million and net property income (NPI) rose 8.4% to S$87.0 million, respectively, on a y-o-y basis.
The increase was mainly due to the absence of provision for COVID-19 rental rebates and lower property expenses.
The amount available for distribution for 1H2021 was up 18.7% y-o-y to S$56.8 million. This was driven by higher NPI and lower borrowing costs resulting in a 14.3% increase in DPU for 1H2021 compared to 1H2020.
Mr. Adrian Chui, Chief Executive Officer and Executive Director of the Manager, said, “Driven by trends in the post-pandemic economy amidst a global pivot towards ‘new economy assets’ of modern ramp-up warehouses and high-specs infrastructure, the ongoing shift in consumption patterns across the industrial space is fundamentally impacting industrialists’ demand.”
“Our 1H2021 performance reflects a relatively stable operating performance underpinned by a robust all-round execution of our business strategy, providing a strong balance sheet with significant liquidity, stability and financial resources for sustainable growth.
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