Ascendas Reit posts 6.1% rise in Q4 DPU

ASCENDAS Reit on Monday reported a 6.1 per cent rise in distribution per unit (DPU) to 4.148 Singapore cents for the fourth quarter ended March 30, from 3.910 cents last year.

This was on the back of contributions from 38 newly acquired properties in the UK, four new acquisitions in Australia and two redeveloped properties in Singapore. The contributions were partially offset by non-renewals and downsizing in some of the Reit's Singapore properties.

Q4 gross revenue increased 4.3 per cent to S$225.06 million, while net property income (NPI) grew 3.5 per cent to S$163.43 million. The total amount available for distribution was up 12.7 per cent to S$129.02 million.

For the full year, DPU rose 0.3 per cent to 16.035 cents, after taking into account an enlarged number of units in issue.

Gross revenue improved 2.8 per cent to S$886.17 million for FY18/19. NPI was up 3.2 per cent to S$649.58 million, and total amount available for distribution increased 3.8 per cent to S$485.68 million.

William Tay, chief executive officer and executive director of the Reit manager, said: "Ascendas Reit continues to deliver a steady performance amid the current market uncertainties. During the year, we expanded our overseas investments to include UK to achieve a more diversified and sustainable income stream.

"Moving forward, we plan to transform some of our properties at the opportune time to be future-ready. We will also continue with our overseas growth strategies and unlock value in our assets to further strengthen the portfolio."

During the year, Ascendas Reit expanded its overseas portfolio with a total of S$948 million in acquisitions. As at March 31, properties in Australia and the UK made up 21 per cent of its portfolio value of S$11.1 billion, compared with 15 per cent of S$10.1 billion as at March 31, 2018.

It also completed about S$97.9 million worth of asset enhancement and redevelopment projects across eight properties in Singapore in the period under review.

Units of the trust ended up three Singapore cents at S$3.01 on Monday before the results were announced.