Ascendas REIT's property in Changi Business Park, One@Changi City. (Photo: REITsWeek)

Ascendas REIT has reported a DPU of 3.97 Singapore cents for its 3Q 17/18, a marginal decline of 0.6% from the 3.993 cents that was achieved in the corresponding period of the previous financial year.

Gross revenue and net property income (NPI) for the period rose by 4.1% and 1.7% year-on-year to SGD217.3 million (USD166.3 million) and SGD157.6 million respectively, while total amount available for distribution increased by 1.0% to SGD116.3 million.

Ascendas REIT has attributed these improvements to income from its newly acquired or developed properties including 100 Wickham Street in Australia, and 50 Kallang Avenue in Singapore.

“Asset enhancement and redevelopment projects, such as the upgrading of building specifications and maximisation of plot ratio, are undertaken to enhance the returns of Ascendas REIT’s existing portfolio”, said the REIT in reference to projects such as 50 Kallang Avenue.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.