Ascendas Reit's Q1 distribution per unit rises 2.5%

SINGAPORE - Ascendas Reit's amount available for distribution grew 2.8 per cent year on year to hit $87.6 million for the first quarter of this year.

Net property income was $116.3 million for the quarter, a 7.7 per cent rise.

Its manager, Ascendas Funds Management, said gross revenue for the period had risen by 8.1 per cent mainly due to recognition of rental income from Nexus@one-north, A-Reit City@Jinqiao, and finance lease interest income from a tenant.

Distribution per unit for the first quarter was 3.64 cents, up 2.5 per cent from a year back.

Same-store occupancy held steady for the period, at 93.8 per cent.

The reit has about 1,330 tenants in 103 properties in Singapore and two business park properties in China.

Chief executive officer and executive director of the manager, Mr Tan Ser Ping, said the Reit completed its acquisition of the "high-specifications building" Hyflux Innovation Centre for $191.2 million in the first quarter.

"This strengthens our capacity to offer high quality space to attract discerning industrialists into our tenant base," he said.