SINGAPORE - ESR-Reit's distribution per unit (DPU) fell 15.6 per cent for the first quarter ended March 31, to 0.847 Singapore cent from 1.004 cents a year ago.

This was after its unitholder base was enlarged with new units issued on March 28, said ESR-Reit's manager ESR Funds Management in a Singapore Exchange filing on Friday (April 20) morning.

Assuming the new units were only entitled to distributable income for March 28 to 31, the adjusted DPU for the first quarter would have been higher at 1.008 cents, based on the weighted average number of units in issue during the quarter, said ESR Funds Management.

Gross revenue rose 21.2 per cent year-on-year to S$33.6 million, while net property income rose 20.8 per cent to S$23.8 million.

This was due mainly to full-quarter contributions from two acquisitions completed in December 2017, which were partially offset by the non-renewal of certain leases, lease conversion of two properties, and four property divestments since Q1 2017.

Distributable income was up 2.4 per cent year-on-year, at S$13.4 million.