Ascendas Reit's Q3 distribution per unit up 1.4% to 3.59 cents

SINGAPORE - Ascendas Real Estate Investment Trust (A-Reit) has reported a rise in its distribution income thanks to improved occupancy rates.

Distributable income for the third quarter ended Dec 31 rose 1.6 per cent to $86.4 million.

Distribution per unit (DPU) came in at 3.59 cents, a 1.4 per cent rise compared with the same period a year ago.

Revenue for the period went up 11.2 per cent to $171.7 million.

The Reit saw positive rental reversion across all segments of the portfolio and also benefitted from higher occupancy rates.

Overall portfolio occupancy improved to 86.8 per cent, compared with 85.6 per cent as of Sept 30.

The Reit said this is mainly due to higher occupancy of its Aperia property, whose occupancy rose from 27.7 per cent at the end of September to 53.6 per cent at the end of December.

The chief executive of the Reit's manager, Mr Tan Ser Ping, said: "In less than six months, we have achieved a total commitment of about 63 per cent for Aperia's high quality Business-1 and retail space.

"Given the central location of the property, we are confident that leasing interest will continue to be strong."

Net asset value per unit crept up slightly to $2.03 as of Dec 31 from $2.02 at March 31.