ESR-LOGOS REIT’s NPI soars 41.0% YoY to $244.2m in FY22

The REIT attributes the increase to contributions from ALOG Trust.

ESR-LOGOS REIT recorded higher net property income for the financial year 2022, thanks to contributions from ALOG Trust, which merged with ESR-REIT in April 2022.

In a bourse filing, ESR-LOGOS REIT reported an NPI of $244.2m for FY22, translating to a 41.0% YoY increase.

The REIT also recorded a 42.4% YoY higher gross revenue of $343.2m.

Given the higher NPI and gross revenue, the REIT’s amount available for distribution to unitholders and distribution per unit (DPU) both increased in FY22, jumping 54.8% YoY to $177.1m and 0.4% YoY to $0.03, respectively.

Other factors which contributed to the REIT’s higher DPU were income contributions from the group’s 10% interest in ESR Australia Logistics Partnership, as well as the two property funds held through ALOG Trust, namely 49.5% interest in New LAIVS Trust and 40.0% interest in Oxford Property Fund); a non-recurrent tax-exempt income distribution of $3.5m from Viva Trust, a wholly-owned sub-trust of ESR-LOGOS REIT; and capital gains of $14.5m from the sale of investment properties in prior years, partially offset by higher borrowing costs due to higher base rates and borrowing costs for the debt drawn to partially fund the merger with ALOG Trust.

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