ESR-Reit Q2 net property income falls 9.2% to S$19.2m; DPU down 11.3% to S$0.00956

ESR-Reit's second-quarter net property income fell 9.2 per cent to S$19.2 million as it lost revenue and incurred costs from converting single-tenant properties into multi-tenant projects, the industrial real estate investment trust announced on Thursday before the market opened.

Distribution per unit decreased by 11.3 per cent to 0.956 Singapore cent as amount available for distribution slid 11.4 per cent to S$12.5 million, said the trust, which was formerly called Cambridge Industrial Trust.

The trust's properties are 95.4 per cent occupied, excluding properties undergoing renovation and being held for sale, with a weighted average lease expiry of 3.4 years.

As at June 30, ESR-Reit's gearing ratio was 37.9 per cent, within the target range of 30-40 per cent.