0257 GMT - ESR-REIT is likely to continue selling its assets as a number of them have land-lease expiry of under 15 years, says Citi analyst Brandon Lee in a note. The real-estate investment trust sold eight properties in December, which Lee notes would be distribution-per-unit dilutive but boost the trust's portfolio land-lease expiry upon completion. More sales are also likely as the REIT's ratio of net debt to total assets remains high at 39.2%, he says. This implies only around S$55 million in debt headroom before hitting 40%, he says. He trims his 2026 and 2027 DPU estimates by 4.5% and 6.1%, respectively, following the sale of eight properties. Citi cuts its target price to S$3.05 from S$3.06 but maintains a buy rating. Units fall 0.4% to S$2.78. (megan.cheah@wsj.com)

(END) Dow Jones Newswires

January 19, 2026 21:57 ET (02:57 GMT)

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