Tag Archives: A-Reit

A-REIT’s Q1 DPU up 10.3%

Ascendas Real Estate Investment Trust (A-REIT) has reported a 10.3 per cent on-year increase in Distribution per Unit (DPU) to 3.53 cents for its first quarter ended 30 June 2012.

In a filing on the Singapore Exchange, A-REIT said its DPU grew despite a 7.5 per cent increase in units outstanding.

The amount available for distribution increased 16.1 per cent to S$76.5 million in Q1.

For the first quarter, A-REIT booked a net property income of S$101.1 million, up 13.9 per cent from the previous year.

It added that gross revenue rose 8.4 per cent year-on-year to S$142.0 million, largely due to the completion of development projects and acquisitions during the past year.

Chief executive officer and executive director of the manager, Tan Ser Ping said: “A-REIT’s portfolio has remained resilient despite the uncertainties in the global economy. Occupancy rate remained stable in Q1 FY12/13 and we continued to enjoy positive rental reversion throughout all the segments of the portfolio.”

A-REIT said its occupancy rate for the portfolio improved to 94.6 per cent on Q1, up from 94.3 per cent in the previous quarter.

Meanwhile, occupancy rate for multi-tenanted buildings also improved from 89.5 per cent to 90.1 per cent in Q1.

On the outlook ahead, A-REIT said it is well-diversified in terms of rental income with the single largest tenant accounting for not more than 5.7 per cent of its gross revenue.

A-REIT added that its portfolio has a good mix of long and short term leases with a weighted average lease to expiry of about four years which will provide sustainable and predictable earnings.

For the remaining of the financial year, A-REIT said it has about 9.1 per cent of its revenue due for renewal.

In addition, A-REIT said full year contribution from acquisitions and developments completion in prior financial year is expected in this financial year.

Barring any unforeseen event, A-REIT expects to maintain a stable performance in the financial year ending 31 March 2013.

Source : Channel NewsAsia – 17 Jul 2012

A-REIT sells Pioneer Walk property for S$32m

Ascendas Real Estate Investment Trust (A-REIT) has entered into an agreement to sell its property at 6 Pioneer Walk for S$32 million to Chasen Logistics Services, a subsidiary of SGX-listed Chasen Holdings.

The sale price is at a 42 per cent premium over the original purchase price of S$22.5 million in 2007.

The property has a 2-storey warehouse with a ramp-up driveway and a 4-storey ancillary office.

It also has a single-storey workshop and a container yard with a gross floor area of about 20,100 square metres.

The property has a remaining land tenure of about 24 years.

A-REIT’s manager, Ascendas Funds Management, said in a statement that the divestment is in-line with its “proactive asset management strategy where it seeks to regularly review and rejuvenate its portfolio.”

With the sale, A-REIT said its proforma net property income would reduce by S$1.78 million for FY2011/12.

The transaction is expected to be completed by end-June 2012.

Source : CNA – 2012 Jun 1
Following the sale, A-REIT will own 100 properties in Singapore and one in China.