ESR-LOGOS REIT’s DPU dips 5.6% to $0.014 in 1H23

The enlarged unit base from the REIT’s recent equity fundraising exercise drove the decline.

Despite a 37.9% YoY increase in its net property income, ESR-LOGOS REIT still recorded a 5.6% YoY lower distribution per unit of $0.01378 in 1H23.

In a bourse filing, the REIT said the lower DPU is due to an “enlarged unit base” from its recent equity fundraising exercise.

For 1H23, the REIT’s distributable income was $101.5m, a 37.9% YoY increase. The REIT attributed the increase in its distributable income to a higher NPI of $140.8m and “distribution of capital gains amounting to S$17.5m from the sale of investment properties in the prior year.”

Meanwhile, the REIT said ALOG Trust’s half-year contributions after the merger in April 2022 and the acquisitions of ESR Sakura Distribution Centre in October 2022 boosted its gross revenue and NPI for the period.