Ascendas Real Estate Investment Trust (A-REIT) posted a distribution per unit (DPU) of 3.53 cents for the second quarter ended Sept 30, up 4.4% from the same period last year.
Amount available for distribution rose 12.2% to $79.1 million while net property income rose 13.6% to $102.9 million.
Gross revenue increased 17.7% y-o-y to $143.3 million mainly due to investments that were completed in the prior year. However, A-REIT said this increase was offset by higher electricity charges, maintenance & conservancy cost as well as land rent, resulting in a smaller increase of 13.6% in net property income to $102.9 million.
During the quarter, A-REIT said it renewed and signed new leases (including expansion by existing tenants) of 73,874 sqm, representing about 6.1% of the net lettable space of A-REIT’s multi-tenanted buildings. A-REIT is able to service a wide range of real estate needs through its diversified portfolio of 102 properties. It has a total customer base of about 1,200 local and international companies across more than 20 industries with only about 19.8% of A-REIT’s lettable area used for conventional manufacturing activities.
Occupancy rate for the portfolio and multi-tenanted buildings (on a same-store basis) improved marginally to 96.6% and 93.4% respectively from 96.4% and 92.8% a quarter ago. Positive rental reversion on renewal ranging between 9.5% and 13.3% with a weighted average of 12.8% over the preceding rental rate was achieved throughout all segments of the portfolio.
No comments:
Post a Comment