9% y-o-y rise in A-Reit DPU - It announces 3.09 cents DPU for first quarter
ASCENDAS Real Estate Investment Trust (A-Reit) announced a distribution per unit (DPU) of 3.09 cents for the quarter ended June 30, up 9 per cent year on year.
Revenue for the latest quarter was up 35 per cent year on year to $68 million while net property income rose 27 per cent to $50.1 million.
Tan Ser Ping, chief executive officer of A-Reit’s manager, Ascendas-MGM Funds Management, attributed the positive results to organic growth coming from positive rental revisions in high tech industrial and science and business park properties as well as prior-year acquisitions.
‘We are pleased to begin the new financial year with a sound first-quarter performance,’ said Mr Tan.
Looking ahead, Mr Tan said: ‘With the improving market conditions in the high end of the industrial property market, A-Reit is well positioned for another year of stable returns for its unitholders.’
A-Reit said it is positive on the outlook for high tech industrial and business and science park space. However, the rental outlook for flatted factories and logistics space is flat.
A-Reit’s latest quarterly DPU represents an annualised yield of 6.4 per cent based on the closing price of $1.92 per unit on June 30.
As at end-June, A-Reit had a portfolio of 66 properties, valued at $2.9 billion, housing a tenant base of over 740 international and local companies.
The occupancy level of A-Reit’s portfolio of 66 properties rose to 96.1 per cent as at end-June from 94.9 per cent a year ago.
In the latest quarter, A-Reit completed the acquisition of two properties worth a total of $78 million. Additionally, the trust has announced the acquisition of three properties for a total of $150 million, that have yet to be completed.
A-Reit said with concerns over rising global interest rates being a focus for Reit investors, it has continued its hedging programme to fix a large proportion of its interest rate exposure through interest rate swaps.
Source : Business Times - 14 Jul 2006
Loading ...
Post a Comment
Tell me a bit about yourself; who you are, where you're from, what information you would like to see on this site. As I continue to provide you with Singapore property happenings, your feedback will encourage me to post more frequently. Thank you.