Tag Archives: Ascendas Real Estate Investment Trust

DPU falls as equity base grows after fund-raising, occupancy slips

ASCENDAS Real Estate Investment Trust (A-Reit) yesterday reported a net property income of $81.1 million for the second quarter ended Sept 30 – up 11.7 per cent from a year ago.

Diversified: A-Reit’s portfolio holds 90 properties, including the Infineon Technologies builidng

Distributable income also increased as a result, rising 15.4 per cent from the same period last year to $61.6 million.

But distributable income per unit (DPU) dropped as the unit base grew from equity fund-raising. A-Reit’s DPU for Q2 came to 3.48 cents, down 13.2 per cent from 4.01 cents a year ago.

On a proforma basis, adjusting for the increased number of units, DPU for Q2 last year would have been 3.02 cents. This would mean a gain instead of 15.2 per cent.

For the half year ended Sept 30, A-Reit’s net property income rose 13.7 per cent from a year ago to $161.8 million. Distributable income grew 16.6 per cent to $122.6 million.

The half-year DPU stood at 7.1 cents – 10 per cent less than the 7.9 cents a year ago. Again adjusting for new units issued, the proforma DPU last year would have been 6.09 cents, leading to a 16.6 per cent gain. Continue reading →

Ascendas Real Estate Investment Trust (A-REIT) has announced a 11.7% y-o-y increase in net property income to $81.1 million for 2Q FY09/10 due to an enlarged portfolio compared to $97.3 million for 2Q FY08/09. Distributable income increased by 15.4% to $61.6 million from a year ago.

However, DPU for the quarter fell 13.2% to 3.48 cents for the quarter from 4.01 cents a year ago.

Reflecting the severe global recession, A-REIT says occupancy rate declined marginally to 96.8% from 97.1% a quarter ago. For its multi-tenanted properties, occupancy moderated to 93.3% from 94.0%.

In 2Q FY2009/10, A-REIT successfully redeemed its P1-AAA-001 Commercial Mortgage Backed Securities at their principal amount of €144 million ($300 million) with existing unsecured credit facilities. With this redemption, A-REIT’s financial flexibility is significantly enhanced as the number of unencumbered properties in the portfolio increase to 31 properties worth approximately $2 billion. The nearest refinancing requirement is a $300 million term loan facility in March 2010 which A-REIT says it has received an offer to extend the loan. Continue reading →