Macquarie MEAG Prime REIT has outperformed its IPO projections for the third quarter.For the three months to September, it booked a distributable income of $13.7 million.That is 9 percent higher than its IPO forecast of S$12.5 million. It translates to a distribution of 1.44 cents a unit.
Property income was S$17.4 million or 4 percent higher than projected.
The property trust attributed the strong results to higher rental income from its existing two properties, Ngee Ann City and Wisma Atria, as well as lower leasing and property maintenance expenses.
It said the office portfolio performed exceptionally well, with committed occupancy reaching a post-IPO high of 97 percent.
The property trust expects to distribute at least 5.25 cents per unit this year.
Source: Channel NewsAsia, 23 October 2006