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.
See also: Kimly reports higher FY2024 revenue but earnings down on higher depreciation and other costs
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.
