510 Townsend Street, a property that has been acquired by Ascendas REIT. (Google Maps)

Data from Ascendas REIT’s latest disclosure have been updated into the Singapore REITs table.

Ascendas REIT reported on 2 August that its gross revenue for 1H 2021 rose by 12.4% year-on-year to SGD586.0 million.

The REIT has attributed this increase mainly to revenue contribution from two office properties in San Francisco that were acquired in November 2020, 11 data centres across Europe that were acquired in March 2021, as well as two Australian offices that were acquired in January 2021 and September 2020 respectively.

However, this was offset by the absence of SGD10.3 million of COVID-related grants received from the Singapore government in 1H FY2020.

The REIT’s net property income rose by 14.8% year-on-year to SGD445.6 million in tandem with the increase in gross revenue.

Accordingly, the total amount available for distribution in 1H 2021 rose 18.2% year-on-year to SGD311.0 million.

Taking into account the enlarged number of units in issue arising from the equity fund raising exercises in 4Q 2020 and 2Q 2021 to fund the new acquisitions, DPU rose 5.4% to 7.66 Singapore cents.

The REIT’s full disclosure on its results can be viewed here.

Ascendas REIT was last done on the Singapore Exchange (SGX) at SGD3.12, which currently implies a distribution yield of 4.91% according to data compiled on the Singapore REITs table.

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.