ESR-REIT net property income dips 4.2% over non-core asset sale in 2024

DPU went down 17.4% to 2.119 cents for the year.

ESR-REIT reported a net property income dip of 4.2% to $261.7m in FY2024 from $273.2m in FY2023 attributable to the divestment of non-core assets aggregating $440.6m in FY2023.

This includes the divestment of 182-198 Maidstone Street located in Australia in Q2 2024 and 81 Tuas Bay Drive located in Singapore in Q4 2024, which were part of ESR-REIT’s portfolio Rejuvenation strategy. In addition, the decommissioning of 2 Fishery Port Road for redevelopment also contributed to the income loss.

The loss was partially offset by contributions from the acquisitions of ESR Yatomi Kisosaki Distribution Centre completed on 15 November 2024 and 20 Tuas South Avenue 14 completed on 29 November 2024, and the completion of asset enhancement initiatives for 7002 Ang Mo Kio Avenue 5 and 21B Senoko Loop in Q3 2023 and Q1 2024 respectively.

As a result, gross revenues were also down 4.1% from $386.4m in 2023 to $370.5m in 2024.

DPU also fell by 17.4%.

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