Ascendas Reit's distribution per unit up 0.6% in first quarter

Industrial landlord Ascendas Real Estate Investment Trust (A-Reit) posted a 0.6 per cent increase in distribution per unit (DPU) on Tuesday, to 3.55 cents per unit.

The reit's net property income climbed 6.8 per cent to $108 million for the three months ended June 30.

This was on the back of a 6.3 per cent rise in gross revenue to $150.9 million.

Out of the 3.55 cents DPU, 3.53 cents are taxable income and 0.02 cents are tax-exempt. The payment date is Aug 27.

The reit's net asset value was $1.973 as at June 30.

A-Reit said in a statement that with a 10.7 per cent vacancy in the multi-tenanted portion of its portfolio, net property income could increase when these spaces are leased out in due course if market conditions do not deteriorate.