ESR-REIT H1 DPU up 2.4% on higher core earnings

Net property income fell 2.2% to $162.7m.

ESR-REIT reported a 2.4% year-on-year increase in total distribution per unit (DPU) to $0.1151 for the first half of 2026.

Core DPU rose 4.5% to $0.1125, accounting for about 98% of total DPU.

The group’s net property income fell 2.2% to $162.7m from $166.3m. Excluding the impact of the divestments, same-store gross revenue increased 2.3%, whilst same-store net property income rose 0.7%.

Gross revenue also edged down 0.3% year on year to $222.3m from $222.9m, mainly due to the loss of income from the divestment of 10 non-core properties in FY2025 and 1H2026.

The decline was partly offset by positive rental reversions, higher rental rates from new leases and improved occupancy.

The total amount available for distribution to unitholders increased 3.2% to $93.0m from $90.1m a year earlier.

Chief Executive Officer and Executive Director Adrian Chui said the REIT delivered resilient results despite the earnings impact from the divestment of 10 non-core assets as part of its portfolio rejuvenation strategy.

“The improvement was underpinned by healthy leasing momentum, positive rental reversions and continued contributions from our higher quality logistics and high-specifications industrial assets,” he said. “Beyond operational performance, we have also made meaningful progress in strengthening the longterm quality of the portfolio.”

Chui added that proceeds from the divestments had been reinvested into six freehold institutional-grade logistics properties in Australia, which are expected to be DPU-accretive, improve portfolio metrics, enhance income resilience, and support sustainable long-term earnings growth.

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