Good news for unit holders of Singapore-listed Industrial REIT Ascendas Real Estate Investment Trust (Ascendas REIT) (SGX:A17U).

The industrial landlord reported an 11.5 percent rise in Net Property Income (NPI) for its 3Q12/13 to S$104.7 million. This has correspondingly brought a rise in income available for distribution to unit holders to S$81.1 million, a rise of 11.9 percent. The results come on the back of a 14.1 percent rise in gross revenue to S$145.2 million. Unit holders of Ascendas REIT can expect to receive a DPU of 3.62 Singapore cents, a rise of 4 percent.

Ascendas REIT currently has 101 industrial properties across Singapore and 1 business park in China.

Ascendas REIT has meanwhile announced asset enhancement initiatives for several properties in Singapore including 31 International Business Park Singapore, 1 Changi Business Park Avenue 1 and 31 Ubi Road 1. Once completed by 2013, the properties are expected to further improve the occupancy rate for the REIT which currently stands at about 96 percent.

Additions to its property portfolio this year will come in the form of a Built-to-Suit facility for Unilever Asia Private Limited known as the Unilever 4 Acres. The 9,180 square meter facility is expected to complete by the first quarter of 2013. The other is the Nexus @ one-north, a 25,000 square meter industrial complex located within the one-north master plan area in central Singapore. However the development is currently only 30 percent committed by tenants despite its expected completion date of the third quarter of 2013.

Ascendas REIT has also given further details of its acquisition of a business park in China. The 79,000 square meter facility is located in North Jinqao, within the Jinqao Economic and Technological Zone. The development is set to target MNCs and large enterprises for tenancy. However no details have been provided by Ascendas REIT on its current occupancy status.

Ascendas REIT has stated that it expects a stable performance for the financial year ending 31 March 2013 is expected, barring any unforeseen event and any further weakening of the economic environment. Shares of Ascendas REIT ended the day at 3.5 percent lower, closing at S$2.76.