a-iTrust announces DPU of 1.65 cents for Q1

Ascendas India Trust (a-iTrust) has announced a distribution per unit of 1.65 cents for its first quarter ended June.

This represents an annualised yield of 8.3 per cent over a-iTrust’s closing price on Tuesday.

The trust said its distributable income for the quarter came to S$12.4 million, 12 per cent higher than the same period last year.

a-iTrust said its better showing was supported by rental growth at its IT Parks.

Some 150,000 square feet of space was renewed or leased at higher average rental rates.

Its occupancy rate stood at 97 per cent as at the end of June.

Since listing in August last year, a-iTrust has added 1.1 million square feet of space to its portfolio from its two developments in Hyderabad and Chennai.

This brings its total portfolio size to 4.7 million square feet.

Going forward, the REIT manager is planning to add an additional 1.5 million square feet of Built-to-Suit space to its portfolio.

The REIT is maintaining the distribution forecast of 6.85 Singapore cents for FY 2008/2009.

Source : Channel NewsAsia – 23 Jul 2008

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