ESR-LOGOS REIT (E-LOG) has reported gross revenue of $96.2 million for the 3QFY2022 ended Sept 30, up 57.4% y-o-y.
Net property income (NPI) for the quarter increased by 59.2% y-o-y to $69.9 million.
The higher gross revenue and NPI were mainly attributable to contributions from ARA-LOGOS Logistics Trust (ALOG) following the merger in April.
For the 9MFY2022, gross revenue increased by 34.8% y-o-y to $243.9 million while NPI increased by 32.0% y-o-y to $172.7 million.
Following the merger, the number of units in E-LOG grew 66.3% to 6.7 billion as at Sept 30, from the $4.03 billion units as at Dec 31, 2021.
As such, net asset value (NAV) per unit fell 7.6% over the nine-month period to 36.6 cents.
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During the 3QFY2022 and 9MFY2022, E-LOG achieved rental reversion of 11.4%, with the logistics and high-specs segment continuing to drive the positive rental reversions.
The REIT manager had also secured around 213,000 sqm of new and renewed leases for the 3QFY2022.
As at Sept 30, portfolio occupancy stood at 92.4%, down by 1.7 percentage points q-o-q.
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The REIT’s weighted average lease expiry (WALE) stood at 3.2 years as at Sept 30, with about 6.4% of leases due for renewal in FY2022.
Aggregate leverage stood at 40.2% as at Sept 30. About 66.6% of the REIT’s borrowings are on fixed interest rates.
According to the REIT manager, it has successfully refinanced all of its expiry debt due in the FY2022. The bulk of refinancing in the FY2023 is due in the last quarter.
Units in E-LOG closed 1 cent higher or 3.13% up at 33 cents on Oct 25.
