A-REIT’s net property income grows 8.2% to $87.3m in 1Q

Ascendas Real Estate Investment Trust says Net Property Income increased by 8.2% year-on-year to $87.3 million while distributable income rose 3.5% to $63.1 million for the quarter ended June 30 (1Q FY2010/11).

Ascendas also achieved a DPU of 3.37 cents for the quarter.

Net property income increased by a smaller extent of 8.2% due to higher operating expenses, attributed to the enlarged portfolio, higher utilities expenses as well as the cessation of land rent rebates granted by the government in 2009.

Ascendas says occupancy rate for the portfolio has remained stable at 95.6%.

As at 30 June 2010, Ascendas has a portfolio of 92 properties and a total asset value of about $4.9 billion housing a tenant base of about 930 international and local companies.

Barring any unforeseen events, Ascendas aims to at least maintain the previous financial year’s level of net income for FY2010/11.

Source : The Edge – 16 Jul 2010

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