The proceeds from the divestments and EFR have yet to be redeployed, which contributed to the drop in DPU. This decrease in amount available for distribution to unitholders was partially offset by lower borrowing costs from the repayment of debts using the proceeds from the EFR and divestment of non-core assets.
ESR-LOGOS REIT (E-LOG) J91U announced an amount available for distribution of $86.3 million in 1HFY2024, down 15.0% y-o-y, translating into distribution per unit (DPU) of 1.122 cents, down 18.6% y-o-y.
The decrease in DPU was mainly attributed to the divestment of 11 non-core assets completed in FY2023 and 2QFY2024 and lower distribution of capital gains from the sale of investment properties in prior years, as well as an enlarged unit base of 4.4% in applicable number of units from 7,363.9 million units to 7,685.4 million units due to the equity fund raising (EFR) conducted in 1HFY2023.
