If you didn’t know, ESR-REIT used to be known as Cambridge Industrial Trust. In 2018, ESR-REIT merged with Viva Industrial Trust. I used to own Cambridge Industrial Trust but divest it back in 2016.

ESR-REIT released their 1QFY20 financial results on 23rd April 2020. While I though industrial REITs are not so badly impacted by COVID-19, ESR-REIT has retained S$7.0 million as part of prudent cash flow management.

In 1QFY20, Gross Revenue fell 10.9% to S$57.8 million. Net Property Income (“NPI”) fell 15.6% to S$41.0 million. According to what was shared by the manager, the lower Gross Revenue and Net Property Income was mainly due to the lease conversion from single to multi tenancy for five properties where ESR-REIT now has to bear the costs of land rent, property tax and maintenance fees that tenants used to pay under a master