Ascendas Reit posts 1.1% jump in Q2 DPU

ASCENDAS Real Estate Investment Trust posted a 1.1 per cent jump in distribution per unit (DPU) to 4.059 Singapore cents for the second quarter ended September from 4.016 Singapore cents a year ago.

Net property income rose 5.3 per cent to S$160.5 million for the period under review, driven by higher gross revenue which rose 5.1 per cent to S$215.8 million.

This was mainly attributable to contributions from newly acquired properties in the past year, namely, 12, 14 and 16 Science Park Drive in Singapore, 197-201 Coward Street in Sydney and 52 Fox Drive Dandenong South in Melbourne. This was, however, partially offset by the divestment of A-Reit City @Jinqiao.

Ascendas Reit achieved higher portfolio occupancy of 92 per cent and a positive rental reversion of 3.1 per cent, said the Reit's manager Ascendas Funds Management (S) Ltd.

Ascendas Reit's portfolio comprises properties across five industrial sub-segments with a customer base of about 1,370 tenants and spread over 101 properties in Singapore and 30 properties in Australia. Singapore accounts for 85 per cent of its portfolio by asset value.

The counter closed lower by two Singapore cents or 0.7 per cent at S$2.71 on Monday.