ESR-REIT's 1HFY2026 DPU rises 2.4% y-o-y to 11.51 cents, to divest 12 Ang Mo Kio Street 65 at 2.1% above valuation

Teo Zheng Long

Jul 27

ESR-REIT's gearing stood at 41.4% and is expected to reduce to 39.9% after the redemption of the S$125 million of unsecured notes maturing in August.ESR-REIT 9A4U has reported a 2.4% y-o-y increase in...

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Rowe Price U.S. Equity Research ETF","BK6142":"多户式住宅房地产信托","DPU":"Top KingWin Ltd","8C8U.SI":"Cent Accom REIT","PSCF":"Invesco S&P SmallCap Financials ETF","IVRA":"Invesco Real Assets ESG ETF","JJJ.SI":"Lion-Nomura Japan Active ETF","IQRA":"NYLI CBRE Real Assets ETF","CLR.SI":"LION-PHILLIP S-REIT","SRT.SI":"CSOP S-REITs INDEX ETF","CFA.SI":"NikkoAM-STC Asia REIT","TACU":"T. Rowe Price Active Core U.S. Equity ETF","RJMG":"FT RAYMOND JAMES MULTICAP GROWTH EQUITY ETF","BPRE":"Bluerock Total Income+ Real Estate Fund","SRU.SI":"CSOP iEdge SREIT ETF US$","GLS.SI":"Lion SG Phy Gold S$"},"translate_title":"ESR-REIT 2026 年上半年 DPU 同比上涨 2.4% 至 11.51 美分，以比估值高出 2.1% 的价格剥离 12 Ang Mo Kio Street 65","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DFRA":1.5,"REIT":0.78,"MDIV":1.5,"PSCF":1.5,"RJMG":1.5,"CFA.SI":1.5,"YLDW":1.5,"CDIG":1.5,"CLR.SI":0.6,"GLS.SI":0.6,"IVRA":1.5,"SRT.SI":0.6,"JJJ.SI":0.6,"RNTY":1.5,"BPRE":1.5,"TSPA":1.5,"DPU":1.5,"SRU.SI":0.6,"8C8U.SI":1.5,"IQRA":1.5,"TACU":1.5},"content_text":"ESR-REIT's gearing stood at 41.4% and is expected to reduce to 39.9% after the redemption of the S$125 million of unsecured notes maturing in August.ESR-REIT 9A4U has reported a 2.4% y-o-y increase in distribution per unit (DPU) to 11.51 cents for 1HFY2026 ended June 30. Core DPU increased by 4.5% y-o-y to 11.25 cents, and accounted for approximately 98% of total DPU, underpinned by higher core earnings and improved asset performance.\nGross revenue for 1HFY2026 dipped by 0.3% y-o-y to $222.3 million, driven by the loss of income from the divestment of 10 non-core properties back in FY2025 and 1HFY2026, which partially offset by positive rental reversions from lease renewals, higher rental rates from new leases and improved occupancy. \nAs a result of the lower gross revenue, net property income (NPI) declined 2.2% y-o-y to $162.7 million.\nExcluding the divestment impact, on a same-store basis, gross revenue and NPI grew by 2.3% and 0.7% respectively. Total amount available for distribution to Unitholders stood at $93.0 million in 1HFY2026, which was an increase of 3.2% y-o-y.\nMeanwhile, ESR-REIT saw a positive rental reversion of 9.8% in 1HFY2026, led by the logistics (+11.3%) and High-Specifications Industrial (+5.0%) sectors, with occupancy remaining stable at 91.9% as at June 30.\nIn 1HFY2026, ESR-REIT leased out 260,976 square metres (sqm) of space, comprising 179,263 sqm of lease renewals (68.7% of total leases) and 81,713 sqm of new leases (31.3% of total leases). \nWeighted average lease expiry (WALE) as at June 30 was 4.8 years, while rental collections were at approximately 97.4% of total receivables.\nOn the capital management front, ESR-REIT's gearing stood at 41.4% and is expected to reduce to 39.9% after the redemption of the S$125 million of unsecured notes maturing in August using the balance proceeds from above-mentioned divestments. Meanwhile, interest coverage ratio stood at 2.6 times.\nAll-in cost of debt increased to 3.52%, mainly due to the pay down of the committed revolving credit facilities using proceeds from the divestments. Around 75.5% of ESR-REIT's debt is on fixed rate with weighted average debt expiry of 2.1 years.\nLooking ahead, we expect Core DPU to continue benefiting from an increasingly resilient and higher quality portfolio, supported by completed asset enhancement initiatives, improving occupancies, positive rental reversions and built-in rental escalations. Together with our proactive cost management and active asset management, we remain focused on delivering sustainable income growth and attractive total returns for our Unitholders over the long term,\" says Adrian Chui, CEO and executive director of the manager.\nDivestment of 12 Ang Mo Kio Street 65\nIn conjunction of the half year results, the manager has announced the divestment of 12 Ang Mo Kio Street 65 for a sale consideration of $33.3 million (excluding divestment costs and applicable goods and services tax).\nThe sale consideration represents a 2.1% premium above its valuation of $32.6 million obtained back in June 30.\nThe manager says that the divestment is not expected to have a material impact on its net asset value and DPU for FY2026 ended Dec 31. Net proceeds from the divestment will be deployed to repay outstanding borrowings, finance potential acquisitions, asset enhancement initiatives and redevelopments and/or fund general working capital requirements.\nThe manager expects the divestment to be completed in 3Q2026.\nUnits in ESR-REIT closed 3 cents higher, or 1.22% up at $2.48 on July 27.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}