Ascendas Real Estate Investment Trust (A-REIT), has ended the financial year with a year-on-year growth of 5.6% in total amount available for distribution to $248 million.
A-REIT says it concluded FY10/11 with a distribution per unit of 13.23 cents, which translate to a trading yield of about 6.5%.”
Gross revenue increased by 8.2% to $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 Government in 2009. Consequently, net property income grew by a smaller extent of 6.1% to $339.4 million.
In FY10/11, a total of $376.1 million in new investment was made. This includes the acquisition of Neuros & Immunos for $125.6 million, the forward purchase of a Business Park property in Shanghai, China, for $117.6 million as well as development and asset enhancement projects totalling $132.9 million.
During the financial year, A-REIT commenced three asset enhancement projects to maximise plot ratio and/or enhance the attractiveness and marketability of the properties.
It also started construction of its 11th development project, a built-to-suit logistics facility in the eastern part of Singapore.
In December 2010, A-REIT completed the development of 5 Changi Business Park Crescent (a built-to-suit business park facility for Citibank N.A.) which registered a revaluation gain of about 136.5% (or about $47.5 million) as at 31 March 2011.
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