Ascendas Reit's Q1 DPU edges up to 4.049 cents on new acquisitions

CONTRIBUTIONS from new acquisitions gave a fillip to results for industrial landlord Ascendas Real Estate Investment Trust (Ascendas Reit) in its first quarter.

Distribution per unit (DPU) edged up to 4.049 Singapore cents from 3.882 Singapore cents in the year-ago quarter, the group said in a Singapore Exchange filing on Thursday evening.

That came as Q1 income available for distribution grew 10.9 per cent to S$118.5 million from the previous year.

For the three months ended June 30, gross revenue expanded 2.7 per cent to S$213.3 million from the year-ago period. Net property income grew 2.6 per cent to S$153.4 million from the preceding year.

The increase in gross revenue was due largely to contributions from the acquisition of new properties in Sydney, Melbourne and Singapore, it said.

Ascendas Reit units ended S$0.01 or 0.4 per cent higher at S$2.72 on Thursday.