ESR-LOGOS REIT (E-LOG) has reported a gross revenue of $290.7 million for the 3QFY2023 ended Sept 30, 19.2% higher y-o-y.
Net property income (NPI) rose by 19.4% y-o-y to $206.1 million.
Net asset value (NAV) per unit stood at 33.1 cents as at Sept 30, compared to the 36.4 cents as at Dec 31, 2022.
During the quarter, the REIT achieved a double-digit positive rental reversion of 13.5%, 2.1 percentage points higher y-o-y.
The REIT’s occupancy rate stood at 90.3% during the quarter, 2.1 percentage points lower y-o-y.
Its new economy exposure rose by 0.6 percentage points y-o-y to 63.1% as at Sept 30.
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As at the same period, gearing stood at 37.7%. This will lower to 35.3% on a pro forma basis upon the completion of its announcement divestments.
According to the REIT manager, the logistics segment is expected to continue driving positive rental reversions given the favourable sector demand and supply dynamics.
Units in E-LOG closed 0.5 cents lower or 1.92% down at 25.5 cents on Oct 25.
