Ascendas Real Estate Investment Trust (A-REIT) has posted a full-year distribution per unit of 13.23 cents, which is a one per cent increase from a year ago.
A-REIT said the total amount available for distribution was up by 5.6 per cent to S$248 million.
Gross revenue rose 8.2 per cent to S$447.6 million, contributed mainly by new investments and increase in occupancy rates.
However, the increase was partly offset by higher operating expenses arising from the increase in utilities cost as well as cessation of land rent and property tax rebates granted by the Singapore government in 2009.
Net property income for the full year gained 6.1 per cent to S$339.4 million.
The trust said it has a good mix of about 43 per cent in long term leases and the remaining 57 per cent in short term leases.
At the moment, A-REIT said it has a relatively high 86 per cent of portfolio income committed, with the remaining 14 per cent of revenue due for renewal.
A-REIT added that barring any further deterioration in events in Japan and the Middle East and North Africa, Singapore’s economic outlook remains positive.
Tan Ser Ping, CEO and Executive Director of A-Reit’s manager, said: “I think as at this moment…we have a pretty large percentage, close to about 86 per cent of our portfolio income committed as at this moment, with the balance of 14 per cent up for renewal. With that, there is no significant development in the market place, and therefore consequently in the Singapore economy, we should be looking at a pretty healthy outlook.”
Source : Channel NewsAsia – 18 Apr 2011