a-iTrust posts 4% rise in Q3 DPU to 2.12 S cents

IT PARK owner Ascendas India Trust's (a-iTrust) third-quarter distribution per unit (DPU) rose 4 per cent year-on-year to 2.12 Singapore cents for the three months ended Dec 31, 2019.

Total property income was up 15 per cent to S$51.5 million, buttressed by income from Anchor building at International Tech Park Bangalore, incremental income from aVance Pune as well as positive rental reversions. The Singapore dollar also depreciated 2 per cent against the Indian rupee compared to the corresponding period last year.

Meanwhile, net property income was up 8 per cent to S$36.6 million, while income available for distribution rose 7 per cent to S$25.36 million.

The DPU for the third quarter is payable on Feb 27.

In Indian rupee terms, total property income increased 12 per cent from the year-ago period to 2.65 billion rupees, while net property income rose 6 per cent to 1.88 billion rupees.

a-iTrust's committed portfolio occupancy stood at 99 per cent as at Dec 31, 2019, while its weighted average lease term and weighted average lease expiry worked out to 6.7 years and 3.8 years respectively.

Its portfolio valuation rose 7 per cent from March 31, 2019 to S$2.1 billion on the back of higher portfolio rent, development gains and lower capitalisation rates. 

Units in a-iTrust closed one cent lower at S$1.61 on Thursday.