ESR-REIT’s NPI up 31.3% YoY in Q1

This was mainly attributed to the full quarter contributions from its “on-strategy” acquisitions.

ESR-REIT’s net property income (NPI) rose by 31.3% year-on-year (YoY) to $82.5m in the first quarter of 2025 (Q1 2025).

In a bourse filing, ESR-REIT noted this was mainly attributed to the full quarter contributions from “on-strategy” acquisitions of ESR Yatomi Kisosaki Distribution Centre and 20 Tuas South Avenue 14, completed in November 2024.

Additionally, the completion of asset enhancement initiatives for 7002 Ang Mo Kio Avenue 5 and 21B Senoko Loop in Q3 2023 and Q1 2024, respectively, and higher NPI from existing properties.

On a same-store basis, NPI grew by 5.3% YoY, mainly due to higher gross revenue and lower utilities expense.

Meanwhile, the company’s gross revenue increased by 24.2% YoY to $110.5m.

On a same-store basis, gross revenue grew by 3.4% YoY, mainly due to positive rental reversions, higher rental rates from new leases, and higher contributions from asset enhancement initiatives completed in Q3 2023 and Q1 2024.

Moreover, distributable income increased by 7% YoY due to the acquisitions of the full trust beneficiary interest in ESR Yatomi Kisosaki Distribution Centre and 51% interest in 20 Tuas South Avenue 14, completed in November 2024.

However, this was partially offset by the additional funding drawn to finance the acquisitions and lower capital gains distribution.

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