A-REIT’s Q1 DPU falls 5%

Ascendas Real Estate Investment Trust (A-REIT) on Monday said its first-quarter distribution per unit fell 5 per cent.

This is mainly due to an increase in the number of units outstanding, after new units were issued earlier this year.

The trust said the number of units outstanding had risen over 11 per cent from the previous quarter, as a result of new units issued in April and June.

Unit holders will receive 3.2 Singapore cents per unit for the three months ended March 31, compared with 3.37 cents a year earlier.

Gross revenue during the first quarter rose 5.6 per cent on-year to S$119.9 million, from S$113.6 million a year earlier.

Meanwhile, net property income grew 1.6 per cent to S$88.8 million over the same period.

The trust said in the statement that while economic growth in the Asia ex-Japan region is likely to be sustained, inflationary pressures would remain a concern.

The Manager of the trust expects A-REIT to sustain its current performance, barring any unforeseen event.

The commercial property REIT, managed by Singapore real estate firm Ascendas Group, had 93 properties in its portfolio as of March 31.

Source : Channel NewsAsia – 18 Jul 2011

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