Tuesday, April 20, 2010

Ascendas Reit’s Q4 DPU dips

ASCENDAS Real Estate Investment Trust (A-Reit) saw a 1.4 per cent dip in its distribution per unit (DPU) for the fourth quarter ended March 31, from 2.77 cents to 2.73 cents.

For the financial year, the Reit saw an 11.4 per increase in its DPU from 11.76 cents to 13.10 cents.

These comparisons were based on the proforma DPUs from the previous financial year, which took into account the units issued from the placement in August and units issued in lieu of the 20 per cent base management fee in May and December last year.

Net income available for distribution for the year also rose 11.4 per cent from $210.9 million to $234.9 million. Net property income grew by $24 million to $320 million, an 8 per cent increase.

Out of the $24 million, $9.1 million had been from one-off items in revenue and property operating expenses, such as a land rental rebate of $1.2 million and a property tax rebate of $2.7 million.

‘We are pleased to conclude the financial year with improvements in A-Reit’s operational metrics despite the challenging economic environment in 2009,’ said Tan Ser Ping, chief executive officer and executive director of Ascendas’ manager, Ascendas Funds Management (S) Limited.

‘Occupancy rate for the portfolio moderated to 95.7 per cent from 96.5 per cent a quarter ago. Nonetheless, occupancy for the various sectors continued to be higher than market average.’

A-Reit’s multi-tenanted properties also declined from 93.3 per cent to 92.1 per cent.

During the financial year, Ascendas completed three development projects and two acquisitions – DBS Asia Hub and 31 Joo Koon Circle.

The two acquisitions, which were completed at the end of March this year for a total of $131 million, are estimated to provide a full year net property income contribution of about $9 million for the next financial year.

As at March 31, A-Reit had a portfolio of 93 properties with a total asset value of about $4.8 billion.

The Reit’s counter closed one cent lower in trading yesterday, at $1.98.

Source: Business Times, 20 Apr 2010

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