Ascendas REIT's property at 9 Changi South Street 3, Singapore. (Photo: REITsWeek)Ascendas REIT's property at 9 Changi South Street 3, Singapore. (Photo: REITsWeek)

Ascendas REIT has reported a distribution per unit (DPU) of 4.148 Singapore cents for its 4Q FY 2018/19, a growth of 6.1% year-on-year.

This brings the REIT’s DPU for the financial year to 16.035 cents, an increase of 0.3% year-on-year from FY 2017/18.

Ascendas REIT’s gross revenue for FY 2018/19 rose by 2.8% year-on-year to SGD886.2 million, while net property income increased by 3.2% over the same period to SGD649.6 million.

Correspondingly, total amount available for distribution rose 3.8% year-on-year to SGD485.7 million.

The REIT has attributed the revenue growth mainly to income from its newly acquired properties in the UK, and Australia.

Its overall portfolio occupancy rate rose to 91.9% from 91.3% in the previous quarter.

The REIT’s Singapore portfolio occupancy rate improved to 88.3% from 87.3% in the previous quarter due to new take-ups and expansions at logistics properties, 20 Tuas Avenue 1, 4 Changi South Lane and 9 Changi South Street 3.

Meanwhile, its Australian and UK portfolio occupancy rates remained high at 98.0%.

As at 31 March 2019, Ascendas REIT’s aggregate leverage was at 36.3%, and weighted average all-in cost of borrowing was maintained at 3.0%.

Ascendas REIT finished the trading day about 1% higher from its previous close on the Singapore Exchange to end at SGD3.01.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.