ESR REIT's NPI jumped 67.7% to $187.93m in 2019

The company’s acquisition of nine Viva Trust assets boosted its NPI for the year.

ESR REIT net property income (NPI) leapt a massive 67.7% YoY to $187.93m in FY2019 from $112.04m in 2018, according to its bourse filing. NPI for Q4 2019 also edged up 9.3% YoY to $46.18m from $42.26m in Q4 2018.

The expansion in the firm’s NPI for FY2019 and Q4 was attributed to the acquisition of Viva Industrial Trust’s portfolio of nine properties which were completed in October 2018.

Distributable income in FY2019 also registered a huge growth with a 70.2% YoY increase to $116.5m in FY2019 from FY2018’s $68.4m.

Its gross revenue came at $253.04m, which is 61.3% YoY higher than $156.92m in 2018.

The acquisition of Viva Trust assets similarly boosted the firm’s revenues along with the rental escalations from its existing property portfolio, securing major leases from companies such as AEM, Giti Tire Global Trading, and Koa Denko during the quarter.

Keppel DC REIT declared a distribution per unit (DPU) of 4.01 cents for FY2019, a 4% increase from 2018’s 3.86 cents. On Q4 2019, the firm posted 5.6% YoY distributable income growth at $29.1m from $27.5m in 2018.

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