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Price will keep falling if nav down more.
Now price almost at new nav. Tomorrow fomc meeting, likely no rate cut and next cut might not be so soon.
Was just listening to the Stoneweg REIT 1Q call. They said something along the lines of " unlike many other managers we don' t say we target AUM growth" . Almost sounded like they were trolling ESR...
Can google the latest news from The edge singapore. Published on Fri, Apr 24, 2026. ESR-REIT focuses on NAV and DPU growth, targeting 8% ? 10% total returns a year. An interesting read. Now i understand how people sell shit as fertilizer. Nav, dpu and share prices had been dropping. Nav from $3.20 to now $2.52, a drop in ~21% over 3 years. Dpu dropped from ~30c to now ~20c, dropped ~30%. Total Nav drop ~70c, total dpu for past 3 years get around ~70c. (do your own calculation for a more accurate figure). So total returns is how much? Share prices from over $3.30 to today $2.48 (lowest ard $2.00). Share prices of esr reit always traded below nav. Nav kept falling and share price also. How is he going to do it? Can he do it? Can he first don't let the nav and dpu drop first? Talk is easy. Where is "resultant yield of about 4%" in mentioned in the interview?
ESR-Reit reports 2.3% dip in Q1 NPI to S$80.6 million
Total distributable income rises 1.4% year on year to S$44.8 million
[SINGAPORE] ESR-Reit&rsquo s : 9A4U +0.81% net property income (NPI) fell 2.3 per cent to S$80.6 million for its first quarter ended Mar 31, from S$82.5 million in the year-ago period, the manager reported in a Q1 business update on Friday (Apr 24).
Revenue for the quarter was down 0.4 per cent at S$110.1 million, from S$110.5 million a year earlier.
This was primarily due to the divestment of two non-core properties in FY2025 and the sale of a hotel at 2 Changi Business Park Avenue 1 in March, the manager said.
On a same-store basis, which excludes two non-core properties divested in FY2025, revenue grew 1.4 per cent year on year due to positive rental reversion and higher rates from new leases.
NPI on a same-store basis decreased marginally by 0.1 per cent to S$80.6 million, due to higher utilities and property tax expenses.
Despite the lower NPI, total distributable income rose 1.4 per cent year on year to S$44.8 million.
This improvement was driven by a 5.9 per cent increase in core distributable income, largely due to lower funding costs from reduced average borrowings and lower base rates.
The real estate investment trust (Reit) posted portfolio occupancy of 91.3 per cent for the quarter, down from 91.6 per cent previously.
It recorded positive rental reversion of 9.2 per cent, up from 8.6 per cent previously, led by sectors including logistics and high-specs industrial.
As at Mar 31, gearing stood at 44.3 per cent.
On a pro-forma basis, assuming the completion of the divestment of eight non-core Singapore assets and the hotel, gearing would have fallen to 39.5 per cent.
The all-in cost of debt was reduced to 3.34 per cent per annum, compared with 3.35 per cent as at Dec 31, 2025.
The manager said: &ldquo Conflict in (the) Middle East pivots management focus from growth to resilience, with prolonged uncertainty and higher energy costs expected to dampen growth and drive inflation.&rdquo
Rental reversions are expected to moderate to single-digit positive rental reversions over the next two years with stable occupancies. Revenue will be affected by income loss from the divestment of non-core assets in the short term, pending redeployment, it added.
Units of ESR-Reit closed 0.4 per cent or S$0.01 lower at S$2.47 on Thursday.
From latest report, nav dropped more to $2.52.
Totally agreed. AUM growth will only benefit reit manager and dilute unitholders. DPU and NAV per unit growth will beneift unitholders. If nav, dpu and gearing did not manage properly and the unitholders' interest at stakes, the unitholders should propose the change of ceo. Esr reit nav, dpu and share prices had been dropping for more than 3-4 years. Gearing went up. Fundamental of the share is from bad to worse with nav $2.55 from last reporting. 3 years ago, Nav still got over $3.20(price for 10-1 consolidation).
Alignment ( Date: 23-Apr-2026 19:44) Posted:
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Unitholders should tell them to stop aiming for AUM growth but to focus on DPU and NAV per unit growth.
If any of unit holders out there are attending AGM tomorrow, please question the manager on the poor performance as compared to other industry REITs.
Lease decay, poor economic condition are not excuse anymore, given other REITs are operating in same environment.
The only medicine now is to internalise the manager in order to align the interest with the unit holders.
Hope there is another white knight come to the rescue.
Lease decay, poor economic condition are not excuse anymore, given other REITs are operating in same environment.
The only medicine now is to internalise the manager in order to align the interest with the unit holders.
Hope there is another white knight come to the rescue.
luckyguy3 ( Date: 13-Feb-2026 09:31) Posted:
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The performance of the management is definitely not good and is bad. Clear cut from the questions and the way it was answered. How so could it happened? How can put all blame on lease decay? Management dont do their own reflection? Valuation drop by so much and changi was left vacant? What is the rush to sell the property at such at low price? How so and why so? Acquisition and fund raising didn't it also cause the nav to go down? Why fishery port need aei? What really happened to fishery port in the first place and any update on the legal case and what lead to it? Why no plan after decommissioned of fishery and need to wait so long until now? Go to fishery port and look at the flat land, it has been flat for so long! What lead to all this? Still want more poor Acquisition to dilute the nav by increasing the aum? Who will benefit from it? Will the share be dilute more and nav drop further if more fund raising? Does the management know this? Who the management work for? If nav is lowered, even trading above p/b, share price is and will not be high. How often and when the share was traded above the book value? And why? No confidence with the management or the prospect of the reit will lead to low share price also, trading below book value. Dont blame the economic or the geopolitical situation, look at other reit. How is the performance of the newly acquired property, the forex(yen) etc? The management really need to wake up, if not the investor need to. The management should look into how to get the nav and share price up rather than the aum.
Perhaps ESR REIT shareholders should petition Alpha REIT management to be their manager as well...
Esr announcement. Q&A by investors. After reading, if I can, will fire the useless guy. Questions to lower dpu, nav, valuation by a lot and 10 years total return compared to St reit index.
While other manager waived the diverstment fee and share the upside from divestment proceed, ESR manager happily earned divestment/acquisition fee on carrying out DPU/NTA dilutive transactions which doesn' t benefit shareholders.
DPU/NTA keep declining while the manager earnings keep going up.
Quoted below from Business Time on First REIT.
https://www.businesstimes.com.sg/companies-markets/first-reit-proposes-s471-5-million-divestment-indonesia-assets
The manager noted that it has undertaken to completely waive its divestment fee of around S$2.4 million to align interests with unitholders.
Furthermore, the board intends to recommend a special distribution of about S$9.7 million to share the upside from the divestment proceeds, expected to be declared across the two financial quarters succeeding the completion of the deal.
DPU/NTA keep declining while the manager earnings keep going up.
Quoted below from Business Time on First REIT.
https://www.businesstimes.com.sg/companies-markets/first-reit-proposes-s471-5-million-divestment-indonesia-assets
The manager noted that it has undertaken to completely waive its divestment fee of around S$2.4 million to align interests with unitholders.
Furthermore, the board intends to recommend a special distribution of about S$9.7 million to share the upside from the divestment proceeds, expected to be declared across the two financial quarters succeeding the completion of the deal.
ESR-REIT issued 1,126,494 new units to ESR-REIT Management (S) Limited at S$2.6870 per unit as partial payment for its base fees for the period from 1 October 2025 to 31 December 2025 (" 4Q2025" ). The issue price was determined based on the volume weighted average price for a unit for all trades done on the SGX-ST in the ordinary course of trading on the SGX-ST for the last 10 business days of 4Q2025.
Amount of consideration paid or received by Trustee-Manager - $3,026,890.62
Easy money for reit manager despite the poor performance.
Amount of consideration paid or received by Trustee-Manager - $3,026,890.62
Easy money for reit manager despite the poor performance.
Smallinvestor ( Date: 27-Feb-2026 21:55) Posted:
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Today announcement. Esr reit management sold 1,126,494 units of its entitled partial received management fee. Aum up more, price drop more. Smart.
Contrast the BIG difference between ARA-Logistics reit shareholders (crying now) and
Sabana shareholders (rejoicing now)
Sabana shareholders (rejoicing now)
luckyguy3 ( Date: 25-Feb-2026 14:49) Posted:
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I curious why no one question/lecture/scold the management during AGM all these 8 years, they keep promising
increase shareholders' value by acquisitions and disposal but year after year, NTA/DPU dropping. In any other
company, after 3 years of lousy performance (not even talking about maintaining NTA/DPU, ESR reit has deteriorating NTA/DPU every year),
the management already sacked.
Strange that shareholders allow the management to destroy their values. Now want to increase from 5billion to 8billion somemore..
I think minority shareholders should copy Sabana shareholders demand the ESR reit management to be sacked and replaced
increase shareholders' value by acquisitions and disposal but year after year, NTA/DPU dropping. In any other
company, after 3 years of lousy performance (not even talking about maintaining NTA/DPU, ESR reit has deteriorating NTA/DPU every year),
the management already sacked.
Strange that shareholders allow the management to destroy their values. Now want to increase from 5billion to 8billion somemore..
I think minority shareholders should copy Sabana shareholders demand the ESR reit management to be sacked and replaced
Smallinvestor ( Date: 25-Feb-2026 10:03) Posted:
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x 0 Alert Admin |
Observed some counters simply announced " Strategic Review' when NTA/DPU dipped with intention to prop the share price but actually did nothing much? One good example was Sabana Reit years ago. Seems it' s still in a quagmire.  |
My guessing is esr reit may be acquiring japan asset from Esr. If so then it will be a disaster if yen keep falling and also if the occupancy rate fall in japan. The land may be freehold, but the country is big with lots of land. Nav now is 2.55. Maybe when aum up to 8bil in next 5 years, nav may be less than 1.50. (Due to Forex, land decay, dilution and borrowing, management fees paid etc). My guessing again if shares were diluted, Dpu may be around 12c or lower due to dilution of shares to unitholders. When aum up, likely more fees to be paid to reit manager on management fees, acquisition and divestment. This likely may not benefit the unitholders. Hope those big fish can ask those management during the agm. Why and how nav kept dropping? Why unitholders shares keep on diluting? Why dpu kept falling over the years? (Not just yty). When aum up to 8bil, will it benefit the reit manager or the unitholders? Are the reit manager working in favour of the unitholders, the sponsor or the reit manager itself?
They going to increase their AUM from 5billion to 8billion.. imagine the dilution ..
When their ramped up their AUM from 2billion to 5billion, NTA/DPU went from 50+cents/4cents
to 25 cents/2cents (based on pre 10-1 consolidation for easier comparison)
So I think from 5billion to 8billion, 3billion net acquisitions with massive rights issue, borrowing etc
I think going to hit NTA/DPU of 20 cents/1.5cents
When their ramped up their AUM from 2billion to 5billion, NTA/DPU went from 50+cents/4cents
to 25 cents/2cents (based on pre 10-1 consolidation for easier comparison)
So I think from 5billion to 8billion, 3billion net acquisitions with massive rights issue, borrowing etc
I think going to hit NTA/DPU of 20 cents/1.5cents
RickyCheng ( Date: 25-Feb-2026 09:21) Posted:
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