Ascendas Real Estate Investment Trust (A-Reit) has announced that its distribution per unit (DPU) saw a 1.14 percent drop from 2.77 cents to 2.73 cents in Q4 that ended March 31.
For the fiscal year, A-Reit posted a DPU of 13.10 cents, up 11.4 percent from 11.76 cents.
The comparisons were largely based on the proforma DPUs from the previous fiscal year, which considered the units issued from the placement in August, as well as the units issued in lieu of the 20 percent base management fee in May and December 2009.
The distribution net income for the year stood in at around $234.9 million, up 11.4 percent from $210.9 million a year ago. Net property income also increased eight percent or $24 million, to $320 million.
Out of the $24 million increase, $9.1 million came from one-off items in revenue and property operating expenses, including a $1.2-million land rental rebate and $2.7-million property tax rebate.
“We are pleased to conclude the financial year with improvements in A-Reit’s operational metrics despite the challenging economic environment in 2009,” said Tan Ser Ping, chief executive officer and executive director of Ascendas Funds Management (S) Limited.
“Occupancy rate for the portfolio moderated to 95.7 per cent from 96.5 per cent a quarter ago. Nonetheless, occupancy for the various sectors continued to be higher than market average.”
The multi-tenanted properties of A-Reit dropped to 92.1 percent from 93.3 percent.
During the fiscal year, it completed two acquisitions – 31 Joo Koon Circle and DBS Asia Hub – and three development projects – 38A Kim Chuan Road, Plaza8@CBP and 71 Alps Avenue.
The two acquisitions, which were completed last month, yield a total amount of $131 million. These were estimated to provide a $9-million net property income contribution for the next fiscal year.