A-Reit's DPU up 2% in Q2 as net property income rises

ASCENDAS real estate investment trust (A-Reit) posted a distribution per unit (DPU) of 3.60 cents for the second quarter ended September, an improvement of 2.0 per cent from 3.53 cents a year ago.

The amount available for distribution rose 9.3 per cent from $79.1 million to $86.4 million, on the back of a 4.1 per cent increase in net property income, from $102.9 million to $107.1 million.

"A-Reit's portfolio continued to achieve positive rental reversion averaging 10.8 per cent for leases renewed during the quarter. We expect this trend to continue for the remainder of the financial year, albeit at a more modest rate," said Tan Ser Ping, chief executive officer and executive director of Ascendas Fund Management Ltd, the manager of A-Reit.