OCBC Investment Research raised its target price for Ascendas Real Estate Investment Trust, which owns industrial assets, to $2.43 from $2.28 and kept its ‘hold' rating, to reflect upgrading works on its assets.
Ascendas REIT units were up 0.4% to $2.49 by 10:01 a.m.. They have increased 36% in value since the start of the year, roughly in line with the FT ST Real Estate Industrial Trust Index's 35.8% gain.
Ascendas REIT said on Wednesday its second quarter distribution per unit grew by 4.4% year-on-year to 3.53 cents, helped by positive rental reversion of about 12.8% on average.
continue improving. It signed new leases totalling 73,873 square metres of industrial space in the last quarter, while same-store portfolio occupancy improved to 96.6% from a year ago, OCBC said, indicating its portfolio continues to be resilient.
Ascendas REIT said it plans to begin upgrading works for two of its industrial properties in Singapore, which will help boost future rents.
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