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ESR-Reit DPU for Q4 slips 0.5% to S$0.01

ESR-REIT'S distribution per unit (DPU) slipped 0.5 per cent to one Singapore cent for the fourth quarter ended Dec 31, 2019, from 1.005 cents a year ago.

The real estate investment trust (Reit), however, recorded higher gross revenue and net property income (NPI) attributable mainly to full quarter contributions from Viva Trust's nine properties and 15 Greenwich Drive, which were acquired in October 2018 via a merger; the leasing of its 30 Marsiling property following its asset enhancements; and rental price increase for existing properties, said ESR-Reit.

Gross revenue for the quarter was up 7 per cent to S$62.5 million from S$58.4 million a year ago, ESR-Reit said in a regulatory filing on Thursday.

NPI rose 9.3 per cent to S$46.2 million from S$42.3 million a year ago.

The Reit's total income available for distribution rose 18.4 per cent year on year to S$34.7 million from S$29.3 million.

The distribution will be paid out on March 9, 2020, after books closure on Feb 3, 2020.

Meanwhile, for the full year ended Dec 31, 2019, ESR-Reit's DPU rose 4 per cent to 4.011 Singapore cents, from 3.857 cents for FY2018, and total income available for distribution surged 78 per cent to S$132.6 million from S$74.5 million. Gross revenue jumped 61.3 per cent to S$253 million from S$156.9 million, and NPI climbed 67.7 per cent to S$187.9 million from S$112 million.

ESR-Reit units closed unchanged at S$0.55 on Wednesday.