ASCENDAS Real Estate Investment Trust (A-Reit) posted a 4.7 per cent increase in distributable income during its fiscal fourth quarter on the back of recent acquisitions and improved occupancy rates.
Amount available for distribution increased year on year to S$89.2 million in the three months ended March, according to the business space trust. Fourth-quarter distribution per unit rose 4.5 per cent to 3.71 Singapore cents as net property income improved by 4.3 per cent to S$117.2 million.
A-Reit shares closed at S$2.59, down by 1.5 per cent or four Singapore cents, before the results were announced.
For the full fiscal year, amount available for distribution increased by 2.7 per cent to S$351.1 million as net property income went up by 6.1 per cent to S$462.7 million.
Full-year distribution per unit was up 2.5 per cent at 14.6 Singapore cents.
The occupancy rate of A-Reit's portfolio rose to 87.7 per cent at the end of March, compared to 86.8 per cent at the end of December, the company said.
The company also benefited from the maiden contributions of Hyflux Innovation Centre and Aperia.
Tan Ser Pring, chief executive of A-Reit's manager, suggested that overseas opportunities could be a bigger focus for the trust.
"Given the changing and challenging landscape in Singapore, we will continue to explore other opportunities for growth," he said in a statement.