Rent declines hit ESR Reit's Q4, full-year DPU

Singapore

RENEWED leases that were locked in at rates lower than their previous contracts led ESR Reit's fourth-quarter distribution per unit (DPU) to fall 6.7 per cent to 0.929 Singapore cent.

For the three months ended Dec 31, 2017, gross revenue fell 2.2 per cent to S$27.2 million, while net property income rose 1.2 per cent to S$19.9 million.

The trust incurred a negative 15.8 per cent rental reversion in FY17. In a briefing with media, Reit management CEO Adrian Chui said that for most of the leases renewed in FY17, they h…