ESR-LOGOS REIT net property income soars 78.2% to $70.4m in 1Q 2023

The contributions from ARA LOGOS Logistics Trust after its merger drove the growth.

ESR-LOGOS REIT recorded a 78.2% growth in their net property income to $70.4m in the first quarter of 2023 from $39.5m in the same quarter of 2022.

Its Interim Business Update for the quarter said its gross revenue increased by 63.9% to $97.7m year-over-year (YoY) from $59.6m.

The contributions from ARA LOGOS Logistics Trust after its merger with the company in April 2022 drove the high net property income and gross revenue growth YoY.

READ MORE: ESR-LOGOS REIT’s NPI soars 41.0% YoY to $244.2m in FY22

However, ESR-LOGOS REIT's net asset value (NAV) per unit fell to 34.8 cents in the first quarter of this year from 40.1 cents in the same quarter of 2022 due to a premium paid over ARA LOGOS Logistics Trust's NAV and transaction costs that incurred after the merger.