A-REIT reports full-year earnings of S$187.3m

Ascendas Real Estate Investment Trust (A-REIT) has posted a 14.3 percent rise in full-year earnings to S$187.3 million. Revenue jumped by 13.9 percent to S$322 million.

A-REIT has also reported strong occupancy rates for its portfolio. Overall occupancy rates stood at 98.4 percent at the end of last month.

The industrial trust said organic growth and investments will continue to be the main income drivers for this year.

Tan Ser Ping, CEO of A-REIT, said: “We still see pretty strong demand in the suburban sectors, particularly for science and business park properties, as well as high-tech industrial properties. Growth for light industrial and flatted factories are a lot more modest.

“And for logistics, probably we will see it being relatively subdued.” The trust said this is because of more supply coming up within the next two years.

Still, A-REIT is confident demand will remain healthy. Going forward, A-REIT expects to meet its annual expansion target of S$400 million a year.

The REIT also plans to go regional in the next two years.

A-REIT is proposing a full-year dividend payout of 14.13 cents for each unit, up 10.8 percent on year. – CNA/ms

Source : Channel NewsAsia – 19 Apr 2008

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