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
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