Commercial & Industrial Property News Update

Singapore - A-REIT Announces 12.2% Increase In Distributable Amount

October 19, 2012

Ascendas Real Estate Investment Trust (A-REIT) has announced SGD 79.1 million distributable and a 4.4% increase in DPU for Q2 FY 2012/13.

Shareholders of A-REIT have been informed that the trust has recorded a year-on-year increase of 12.2% in the amount available for distribution, as well as a 4.4% increase to 3.53 cents in distribution per unit (DPU) for the period Q2 2012/2013.

The trust said that the advance was spurred by positive rental reversion across all segments of its portfolio, as well as a strong balance sheet with an aggregate leverage of 32.5%. For the period, rentals climbed by 12.8% on average.

"Gross revenue increased 17.7% year-on-year to SGD 143.3 million mainly due to investments that were completed in the prior year," said Tan Ser Ping, Chief Executive Officer and Executive Director of Ascendas Funds Management (S) Limited.

"However, this increase was offset by higher electricity charges, maintenance & conservancy cost as well as land rent, resulting in a smaller increase of 13.6% in net property income to SGD 102.9 million," he added.

The company also announced that it will undertake enhancement works at two of its assets - 31 Ubi Road and 1 and 1 Changi Business Park Avenue 1 as part of its asset management strategy. The asset enhancement initiative is aimed at improving the specifications as well as marketability of the two properties, said Ascendas Funds Management (S) Limited.

Tags: Commercial real estate, Industrial property, Warehouse for sale

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