A-Reit's Q2 DPU drops 3.1% to 4.03 Singapore cents

ASCENDAS Real Estate Investment Trust (A-Reit) posted a 3.1 per cent drop in distribution per unit (DPU) at 4.03 Singapore cents for the second quarter ended Sept 30, 2016, from 4.16 Singapore cents a year ago.

For the first half of FY16/17, the total amount available for distrubition rose 13.9 per cent to S$219.36 million from S$192.65 million.

Net property income came in 21.7 per cent higher at S$301.92 million, while gross revenue rose 13.7 per cent to S$413.03 million.

The latter was mainly attributable to the acquisition of One@Changi City as well as other Australian properties, although this was partially offset by the divestment of Ascendas Z-Link and Four Acres.

Said A-Reit: "The continuing capital recycling strategy, rejuvenation exercise and selective asset repositioning will strengthen our property portfolio and optimise returns for unitholders.

"Barring any unforeseen events and any further weakening of the economic environment, the manager expects A-Reit to maintain a stable performance for the financial year ending March 31, 2017."