ESR-LOGOS REIT (E-LOG) has reported a gross revenue of $272.5 million, 6.3% lower y-o-y for the 9MFY2024 ended Sept 30 mainly due to the divestment of 11 non-core assets made in FY2023 and 2QFY2024. Net property income (NPI) for the same period also fell by 6.5% y-o-y to $192.7 million for the same reasons.
On a same-store basis, gross revenue would have been 1.9% higher y-o-y mainly due to positive rental reversion. The REIT’s NPI would have increased by 1.2% y-o-y on a same-store basis as well from the higher gross revenue and partly offset by higher utilities expenses and property tax.
In 3QFY2024, E-LOG’s portfolio occupancy stood at 91.3%, 0.1 percentage points lower q-o-q. Its Singapore portfolio’s occupancy of 88.1% fell slightly below the 2QFY2024 JTC average of 89%. However, its portfolios in Australia and Japan, both at 100% occupancy, stood above the national averages of 97.5% and 92.2% respectively.
Year-to-date, E-LOG saw continued to see positive double-digit rental reversions of 11%, albeit 1 percentage point lower than the 12% in the same period the year before.
Portfolio weighted average lease expiry (WALE) stood at 3.2 years as at Sept 30.
As at the same period, E-LOG’s gearing stood at 36% with 75.4% of its debt on fixed rates. This is compared to E-LOG's gearing of 37.7% and 81.2% of fixed-interest debt as at Sept 30, 2023.
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The REIT’s net asset value (NAV) per unit stood at 29.6 cents as at Sept 30.
As at 9.40am, units in E-LOG are trading 0.5 cents higher or 1.79% up at 28.5 cents.
