Ascendas Reit Q3 DPU down 12.3% on enlarged base following rights issue

Singapore

ASCENDAS Reit's distribution per unit (DPU) for its third quarter fell 12.3 per cent to 3.507 Singapore cents due to an enlarged number of units in issue after a rights issue in December last year.

Gross revenue for the quarter under review rose 5.9 per cent from a year earlier to S$239.73 million, bolstered by contributions from 28 properties in the US and two properties in Singapore acquired in December last year.

Net property income increased 8.5 per cent to S$182.28 million, owing to the effects of adopting accounting standard FRS 116. Land rent expenses of …