SINGAPORE - New acquisitions as well as higher rents and occupancy levels helped boost third-quarter distribution per unit (DPU) at Ascendas India Trust by 17 per cent over the previous year.
The first Indian property trust in Asia posted a DPU of 1.36 cents for the three months to Dec 31.
Distributable income rose 14 per cent over the corresponding period a year ago to 583 million rupees.
Net property income increased by 28 per cent to 1.16 billion rupees.
The trust acquired two properties, CyberVale and aVance Building 3, last year, which added over 1.2 million sq ft of floor area to its portfolio and contributed to rental income in the quarter.
It also benefitted from lower utilities expenses, which resulted in a 3 per cent drop in property expenses.