ESR-REIT gross revenue grows 5% for FY21

The amount available for distribution also increased 15.4% YoY to $114.4m.

ESR Funds Management, manager of ESR-REIT, announced the amount available for distribution for the financial year ended 31 December 2021 increased 15.4% year-on-year (YoY) to $114.4m. There was also an uplift of 6.7% YoY to 2.987 cents for distribution per unit.

Gross revenue for FY2021 grew 5% to $241.3m and NPI for FY2021 rose 5.5% to $173.3m, respectively, on a YoY basis. The increase was mainly due to the contribution from 46A Tanjong Penjuru which was acquired on 29 June 2021, the leasing up of certain properties, as well as the absence of provision for COVID-19 rental rebates during the year.

The amount available for distribution for FY2021 was up 15.4% YoY to $114.4m, driven by higher NPI, lower borrowing costs and contribution from ESR-REIT’s 10% interest in ESR Australia Logistics Partnership, resulting in a 6.7% increase in DPU for FY2021, as compared to FY2020. DPU for Q4 2021 increased 1.3% quarter-on-quarter from 0.712 cents to 0.721 cents. Rental collection for FY2021 remains healthy at 99.5% of total receivables.