A-Reit marks 5.5% rise in Q1 DPU

ASCENDAS Real Estate Investment Trust (A-Reit) inked a 5.5 per cent rise in distribution per unit (DPU) for the fiscal first quarter ended June 30 to 3.841 Singapore cents on the back of positive rental reversions and higher occupancies at its business space and industrial properties.

Gross revenue rose 10.6 per cent year on year to S$180.5 million during the quarter.

Positive rental reversion was achieved across all segments of the portfolio, A-Reit said. A weighted average rental reversion of 6.6 per cent was achieved for leases renewed during the quarter and the weighted average lease term of new leases signed was 3.6 years.

Occupancy rates for the overall portfolio and multi-tenant buildings improved to 88.8 per cent and 84.7 per cent as at June 30, up from 87.7 per cent and 83 per cent as of March 31 respectively. This was mainly attributable to higher occupancies at 40 Penjuru Lane, 9 Changi South Street 3 and Aperia.