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Ascendas Reit's Q1 DPU drops 1.2%; net property income rises 3.8%

Ascendas Reit on Monday reported a 1.2 per cent drop in distribution per unit (DPU) to 4.002 Singapore cents for the first quarter ended June 30, 2018, from 4.049 cents last year.

However, this was due to the absence of a one-off distribution totaling S$5.9 million, mainly for upfront fees for some credit facilities. Excluding this, DPU would have grown 4.0 per cent, the trust said.

Total amount available for distribution fell 1 per cent to S$117.3 million. Net property income (NPI) was 3.8 per cent higher at S$159.2 million, while gross revenue rose 1.5 per cent to S$216.6 million.

The higher NPI was mainly due to contributions from newly acquired properties 100 Wickham Street and 108 Wickham Street in Brisbane, Australia, as well as redeveloped property 50 Kallang Avenue in Singapore.

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Retrospective downward revisions in the annual value of certain properties also reduced property tax expenses, contributing to the higher NPI.

Units of the trust ended up 3 Singapore cents at S$2.76 on Monday, before results were announced.