On a same-store basis, gross revenue rose by 1.3% y-o-y due to positive rental reversion while NPI dipped by 0.2% y-o-y due to higher property tax and utilities expenses.
As at March 31, the REIT’s net asset value (NAV) stood at 31.1 cents, down from 32.0 cents as at Dec 31, 2023. Of its total portfolio, 62.8% are made up of new economy properties.
During the quarter, E-LOG reported positive rental reversion of 10.8%.
As at March 31, the REIT’s occupancy rate stood at 91.7%. Gearing stood at 36.3% on a pro forma basis, assuming that the divestment of 182-189 Maidstone Street was completed on March 31 with its net proceeds used to fully repay the REIT’s debt. The figure also assumes that the A$160 million ($140.6 million) bank bill swap rate bid (BBSY) entered into on April 18 and April 19 were effective on March 31.
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Units in E-LOG closed flat at 29 cents on April 22.
