<p>[新加坡] ESR REIT 的管理层警告称，如果之前的资产出售所得未能重新投资，该房地产投资信托基金（Reit）的每单位分配（DPU）将会下降。</p>
<p>在周六（4 月 18 日）的监管文件中，管理层表示，考虑到全球能源价格和中东战争可能导致的 “长期高利率” 回归，其 “当前的重点将是确保资产负债表和运营的韧性”。</p>
<p>因此，2025 年出售非核心资产所得的 3.381 亿新元和 2026 年 3 月出售的一家酒店所得的 1.011 亿新元将用于在重新投资之前偿还债务。</p>
<p>“如果出售所得未能重新投资，预计 2026 财年的 DPU 将会下降，” 它补充道。</p>
<p>管理层是在回应新加坡证券投资者协会的问题，该协会将在 4 月 24 日举行 Reit 的年度股东大会。</p>
<p>“持续的地缘政治紧张局势，特别是在中东，导致了能源价格和通胀预期的波动，” 管理层补充道。</p>
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<p>然而，它指出，电力合同的提前重新签约和新加坡元贷款的低利率再融资 “预计将缓解因出售而导致的收入损失，待出售所得重新投资”。</p>
<p>管理层表示，Reit 的杠杆 “将会降低”，其借款成本对冲率将增加到约 70%，并补充说，这将导致 “资产负债表的韧性，以抵御能源成本的波动、供应链中断和利息支出的上行压力”。</p>
<p>管理层还在对单位持有人的回复中表示，新加坡 “预计将继续是 Reit 投资组合中最大的市场”。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8d4af3c3a894abacfef4c007e0b177afa24d3ec154ba360c06023a726e24f0f0/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8d4af3c3a894abacfef4c007e0b177afa24d3ec154ba360c06023a726e24f0f0/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>ESR-Reit 目标在五年内实现 80 亿新元的资产管理规模，目标为 8-10% 的单位持有者回报</h3>
<p>新加坡的供需失衡 “预计将使租金回升温和”，在未来两年内实现中个位数的改善，而过去三年则是两位数的年增长。</p>
<p>“持续的地缘政治紧张局势……以及全球供应链的调整预计将支持对新加坡高质量、位置优越的工业空间的需求，” 它补充道。</p>
<p>因此，ESR Reit 将 “继续投资于资产提升计划和新加坡资产的重建”。</p>
<p>对于澳大利亚，较高的建筑成本可能会抑制 2027 年投机性供应进入市场，管理层预测。</p>
<p>预计租金将在全国范围内 “出现不均匀改善”，在供应减少、租赁活动改善和某些州的空置率收紧的情况下。</p>
<p>“澳大利亚的主要担忧，” 管理层表示，“是由于顽固的通胀导致的利率在短期内持续上升，从而导致资产资本化率与债务成本之间的负利差。”</p>
<p>它补充说，如果通胀压力持续，“资本化率上升的风险可能会影响资产估值”。</p>
<p>对于日本，东京大区和大阪的空置率预计将下降，并 “支持租金的温和增长”，预计工业空间的新供应将降至十年来的最低水平。</p>
<p>“相比之下，名古屋和福冈等地区由于过去两年供应增加，空置率较高，租金增长缓慢，” 管理层指出。</p>
<p>日本的利率 “预计将继续上升”，它补充道。尽管如此，资产资本化率预计将保持 “相对稳定，资产收益率与融资成本之间仍有正利差”。</p>
<p>ESR Reit 的单位在周五上涨 0.8%，或 0.02 新元，收于 2.47 新元。</p>
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9A4U

<p>ESR REIT 的管理层警告称，如果剥离资产的收益未能重新投资，每单位分配（DPU）可能会下降。管理层的重点是保持资产负债表的韧性，以应对全球能源价格波动和由于地缘政治紧张局势可能导致的长期利率上升。总计 4.392 亿新元的资产出售收益将首先用于减少债务。管理层预计，提前重新签订电力合同和再融资贷款将有助于减轻收入损失。该 REIT 旨在投资于资产提升，并预计新加坡将继续是其最大市场，尽管面临持续挑战</p>

<p>[SINGAPORE] The manager of ESR Reit has cautioned that the real estate investment trust’s (Reit) distribution per unit (DPU) will decline if the proceeds from its earlier divestments are not redeployed.</p>
<div class="lb-trans"><p>[新加坡] ESR REIT 的管理层警告称，如果之前的资产出售所得未能重新投资，该房地产投资信托基金（Reit）的每单位分配（DPU）将会下降。</p>
</div><p>In a regulatory filing on Saturday (Apr 18), the manager said that its “immediate focus will be on ensuring balance-sheet and operational resilience, in view of global energy prices and the potential return of ‘higher-for-longer’ interest rates” arising from the Middle East war.</p>
<div class="lb-trans"><p>在周六（4 月 18 日）的监管文件中，管理层表示，考虑到全球能源价格和中东战争可能导致的 “长期高利率” 回归，其 “当前的重点将是确保资产负债表和运营的韧性”。</p>
</div><p>The proceeds from the sale of non-core assets for S$338.1 million in 2025 and a hotel for S$101.1 million in March 2026 will therefore be used to pare debts in the interim, pending redeployment.</p>
<div class="lb-trans"><p>因此，2025 年出售非核心资产所得的 3.381 亿新元和 2026 年 3 月出售的一家酒店所得的 1.011 亿新元将用于在重新投资之前偿还债务。</p>
</div><p>“Should the divestment proceeds not be redeployed, there would be an expected decline in DPU for FY2026,” it added.</p>
<div class="lb-trans"><p>“如果出售所得未能重新投资，预计 2026 财年的 DPU 将会下降，” 它补充道。</p>
</div><p>The manager was responding to a question from Securities Investors Association (Singapore) ahead of the Reit’s annual general meeting to be held on Apr 24.</p>
<div class="lb-trans"><p>管理层是在回应新加坡证券投资者协会的问题，该协会将在 4 月 24 日举行 Reit 的年度股东大会。</p>
</div><p>“Ongoing geopolitical tensions, particularly in the Middle East, have contributed to volatility in energy prices and inflation expectations,” the manager added.</p>
<div class="lb-trans"><p>“持续的地缘政治紧张局势，特别是在中东，导致了能源价格和通胀预期的波动，” 管理层补充道。</p>
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</div><p>However, it noted that the early recontracting of electricity contracts and the refinancing of Singapore dollar loans at lower margins are “expected to mitigate the loss in income due to divestments, pending redeployment of sale proceeds”.</p>
<div class="lb-trans"><p>然而，它指出，电力合同的提前重新签约和新加坡元贷款的低利率再融资 “预计将缓解因出售而导致的收入损失，待出售所得重新投资”。</p>
</div><p>The Reit’s gearing “will be reduced”, and its borrowing costs hedge rate will increase to about 70 per cent, the manager said, adding that this will result in “balance-sheet resilience to withstand the volatility in energy costs, supply-chain disruptions, and upward pressure on interest expenses”.</p>
<div class="lb-trans"><p>管理层表示，Reit 的杠杆 “将会降低”，其借款成本对冲率将增加到约 70%，并补充说，这将导致 “资产负债表的韧性，以抵御能源成本的波动、供应链中断和利息支出的上行压力”。</p>
</div><p>The manager also said in its replies to unitholders that Singapore is “expected to remain the largest market” in the Reit’s portfolio.</p>
<div class="lb-trans"><p>管理层还在对单位持有人的回复中表示，新加坡 “预计将继续是 Reit 投资组合中最大的市场”。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8d4af3c3a894abacfef4c007e0b177afa24d3ec154ba360c06023a726e24f0f0/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/8d4af3c3a894abacfef4c007e0b177afa24d3ec154ba360c06023a726e24f0f0?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>ESR-Reit eyes S$8 billion AUM over five years, targets 8-10% unitholder returns</h3>
<div class="lb-trans"><h3>ESR-Reit 目标在五年内实现 80 亿新元的资产管理规模，目标为 8-10% 的单位持有者回报</h3>
</div><p>Supply-demand imbalance in the Republic is “expected to moderate rental reversions” to a mid-single-digit improvement over the next two years, from double-digit increases annually in the last three years.</p>
<div class="lb-trans"><p>新加坡的供需失衡 “预计将使租金回升温和”，在未来两年内实现中个位数的改善，而过去三年则是两位数的年增长。</p>
</div><p>“Ongoing geopolitical tensions... alongside global supply-chain readjustments are expected to support demand for high-quality, well-located industrial space in Singapore,” it added.</p>
<div class="lb-trans"><p>“持续的地缘政治紧张局势……以及全球供应链的调整预计将支持对新加坡高质量、位置优越的工业空间的需求，” 它补充道。</p>
</div><p>ESR Reit will therefore “continue to invest in asset-enhancement initiatives and redevelopments” of its Singapore assets.</p>
<div class="lb-trans"><p>因此，ESR Reit 将 “继续投资于资产提升计划和新加坡资产的重建”。</p>
</div><p>For Australia, higher construction costs are likely to discourage speculative supply entering the market in 2027, the manager forecast.</p>
<div class="lb-trans"><p>对于澳大利亚，较高的建筑成本可能会抑制 2027 年投机性供应进入市场，管理层预测。</p>
</div><p>Rents are expected to “improve unevenly” across the country, amid lower supply, improving leasing activity and tightening vacancy rates in certain states.</p>
<div class="lb-trans"><p>预计租金将在全国范围内 “出现不均匀改善”，在供应减少、租赁活动改善和某些州的空置率收紧的情况下。</p>
</div><p>“The key concern for Australia,” the manager said, “is the continued rise in interest rates in the near term due to sticky inflation resulting in negative spread between asset capitalisation rates and debt costs.”</p>
<div class="lb-trans"><p>“澳大利亚的主要担忧，” 管理层表示，“是由于顽固的通胀导致的利率在短期内持续上升，从而导致资产资本化率与债务成本之间的负利差。”</p>
</div><p>It added that if inflationary pressures persist, “there is a risk of upward pressure on capitalisation rates, which could in turn impact asset valuations”.</p>
<div class="lb-trans"><p>它补充说，如果通胀压力持续，“资本化率上升的风险可能会影响资产估值”。</p>
</div><p>For Japan, vacancy rates in greater Tokyo area and Osaka are expected to drop and “support moderated growth in rents”, with the new supply of industrial space projected to decline to the lowest level in a decade.</p>
<div class="lb-trans"><p>对于日本，东京大区和大阪的空置率预计将下降，并 “支持租金的温和增长”，预计工业空间的新供应将降至十年来的最低水平。</p>
</div><p>“In contrast, regional locations, like Nagoya and Fukuoka are experiencing higher vacancy rates and slower rental growth due to increase in supply over the last two years,” the manager noted.</p>
<div class="lb-trans"><p>“相比之下，名古屋和福冈等地区由于过去两年供应增加，空置率较高，租金增长缓慢，” 管理层指出。</p>
</div><p>Japan’s interest rates are “expected to continue their upward trajectory”, it added. Still, asset-capitalisation rates are expected to remain “relatively stable, with a still-positive spread between asset yields and financing costs”.</p>
<div class="lb-trans"><p>日本的利率 “预计将继续上升”，它补充道。尽管如此，资产资本化率预计将保持 “相对稳定，资产收益率与融资成本之间仍有正利差”。</p>
</div><p>Units of ESR Reit rose 0.8 per cent or S$0.02 to close at S$2.47 on Friday.</p>
<div class="lb-trans"><p>ESR Reit 的单位在周五上涨 0.8%，或 0.02 新元，收于 2.47 新元。</p>
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ESR Reit’s FY2026 DPU will drop if divestment proceeds are not redeployed, says manager

ESR REIT 的管理层表示，如果出售所得款项未被重新投资，2026 财年的每单位分派（DPU）将会下降