ESR-Reit posts 0.4% dip in Q3 DPU on enlarged unit base

Singapore

ESR-REIT'S (real estate investment trust) distribution per unit fell by 0.4 per cent from a year ago to one Singapore cent for the third quarter ended Sept 30, weighed down by higher expenses and an enlarged unit base due to the issuance of new placement units.

The trust announced in June that it would issue about 194.2 million new units under its upsized private placement to raise gross proceeds of S$100 million. The issue price was fixed at 51.5 Singapore cents per unit, at the lower end of initial indications, and at an 8.3 per cent discount to the volume-weighted average price of 56.16 cents for all trades done on June 14.