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Singapore industrial REIT (ESR Group) owning logistics, high-tech and business park properties across the island.
Singapore industrial REIT (ESR Group) owning logistics, high-tech and business park properties across the island.
Earns rent and service charges from tenants, often on multi-year leases with built-in annual rent steps, and passes most income to unitholders as a REIT. Many Singapore industrial properties sit on government land leases that run down over time. ESR Group, the Asia-Pacific logistics property manager, is its sponsor and acquisition pipeline.
In one line: A Singapore industrial and logistics REIT (ESR Group).
Moat: narrow (installed base, scale). Diversified Singapore industrial property portfolio backed by the ESR Group's regional logistics platform.
Headquarters: Singapore · Founded: 2006 · Employees: 39
Size Esr-reit (9A4U.SI) is a Singapore Real Estate company (Real Estate Investment Trusts) with a market value of $1.33B, the 62nd largest of 186 Singapore companies the cockpit tracks. Shares closed at S$2.09 on 6 Nov 2026.
Performance Over six months the shares fell 13.6%, against -5.9% for the median peer and -1.2% for the Singapore market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 4.8% over the last twelve months (peer median +4.6%); the operating margin is 70.7% (peer median 37.5%).
Valuation It trades at 0.84× book value against a peer median of 1.08× (5th cheapest of 21).
Price implies The share price implies a return on equity of about 5.5%; Esr-reit delivers 0.8%, so the price asks more than the business earns today.
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$453M | S$454M | S$392M | S$410M | S$353M |
| Revenue growth | — | +16% | -4% | +16% | — |
| Gross profit | S$309M | S$313M | S$261M | S$273M | S$231M |
| EBITDA | S$320M | S$303M | S$229M | S$221M | -S$158M |
| Net income | S$16.6M | S$5.60M | -S$148M | -S$85.6M | -S$290M |
| Free cash flow | S$138M | S$153M | S$174M | S$188M | S$124M |
| Capital expenditure | S$38.1M | S$46.1M | S$26.2M | S$0 | S$0 |
| Total debt | n/a | S$3.27B | S$3.27B | S$2.45B | S$2.92B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Esr-reit 9A4U.SI | $1.33B | -14% | +5% | 1% | 0.84× | 5.5% |
| Mapletree Logistics Trust M44U.SI | $4.47B | -6% | -1% | 3% | 0.87× | 5.7% |
| Mapletree Industrial Trust ME8U.SI | $3.89B | -10% | -5% | 4% | 1.07× | 5.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9A4U.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | -0.8% | 6th highest of 21 |
| 6-month return | -13.6% | -5.9% | 8th lowest of 21 |
| Return on equity | 0.8% | 5.9% | 5th lowest of 20 |
| Price / book | 0.84× | 1.08× | 5th cheapest of 21 |
| Trailing P/E | 101.5× | 16.5× | 3rd most expensive of 16 |
| ROE the price implies | 5.5% | 5.7% | 11th least demanding of 21 |
| ROE delivered | 0.8% | 6.1% | 3rd lowest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Esr-reit 9A4U.SI | Singapore | $1.33B | -14% | +5% | 1% | 0.84× | 5.5% | 0.8% |
| American Assets Trust AAT | United States | $1.32B | +2% | -8% | 2% | 1.19× | 11.1% | 1.9% |
| Alexander's ALX | United States | $1.29B | +3% | +8% | 107% | 5.67× | 34.9% | 107.4% |
| Comforia Residential REIT 3282.T | Japan | $1.36B | -20% | +17% | 6% | 1.27× | 5.1% | 6.3% |
| AEON REIT Investment 3292.T | Japan | $1.36B | -19% | +1% | 5% | 0.89× | 4.1% | 5.3% |
| Mori Hills Reit Investment 3234.T | Japan | $1.36B | -14% | -1% | 6% | 1.07× | 4.5% | 5.9% |
| Centuria Industrial REIT CIP.AX | Australia | $1.28B | +1% | +6% | 6% | 0.74× | 9.5% | 6.4% |
| UMH Properties UMH | United States | $1.28B | -6% | +9% | 3% | 2.37× | 18.9% | 2.8% |
| CNAMC China Resources Commercial Asset Closed Infrastructure Real Estate Investment Trust 180601.SZ | China | $1.41B | -6% | n/a | n/a | 1.51× | 4.4% | n/a |
| Piedmont Realty Trust PDM | United States | $1.23B | +18% | +3% | -6% | 0.85× | 10.5% | -5.9% |
| Hulic Reit 3295.T | Japan | $1.23B | -17% | +5% | 6% | 0.96× | 4.6% | 5.9% |
| Mitsui Fudosan Retail Fund Investment 8964.T | Japan | $1.23B | -16% | -6% | 7% | 1.10× | 4.6% | 6.8% |
| Daiwa Securities Living Investment 8986.T | Japan | $1.22B | -25% | +42% | 7% | 1.02× | 5.4% | 7.1% |
| Lendlease Global Commercial REIT JYEU.SI | Singapore | $1.44B | -3% | +4% | 5% | 0.78× | 4.4% | 5.1% |
| Emperador Properties SOCIMI YEPSA.MC | Spain | $1.44B | +14% | +7% | -2% | 2.84× | 10.5% | n/a |
| LaSalle LOGIPORT REIT 3466.T | Japan | $1.45B | -10% | +71% | 6% | 1.19× | 4.8% | 6.2% |
| Centurion Accommodation REIT 8C8U.SI | Singapore | $1.45B | -3% | -69% | 1% | 1.22× | 6.0% | n/a |
| Ellington Financial EFC | United States | $1.45B | -17% | +30% | 12% | 0.82× | 8.6% | 12.3% |
| Empire State Realty OP LP Series ES ESBA | United States | $1.46B | -6% | +2% | 5% | 0.84× | 10.8% | n/a |
| CBL & Associates Properties CBL | United States | $1.46B | 0% | +9% | 61% | 3.43× | 33.7% | 60.6% |
| Fortune Real Estate Investment Trust 0778.HK | Hong Kong | $1.19B | -11% | -9% | 0% | 0.37× | 4.5% | -0.3% |