ESR-Reit reports 2.3% dip in Q1 NPI to S$80.6 million
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ESR-Reit reported a 2.3% decline in net property income (NPI) to S$80.6 million for Q1, down from S$82.5 million a year earlier. Revenue fell 0.4% to S$110.1 million, attributed to the divestment of non-core properties. However, total distributable income rose 1.4% to S$44.8 million, driven by lower funding costs. Portfolio occupancy decreased to 91.3%, while rental reversion improved to 9.2%. Gearing stood at 44.3%, with a potential drop to 39.5% post-divestment. The manager noted that geopolitical conflicts may impact growth and inflation.
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