Ascendas Real Estate Investment Trust (A-REIT) has announced that its gross revenue for the third quarter ended 31 December 2010 rose 3.7 percent to S$109 million from a year ago, as completed investments produced additional rental income.
Additionally, net property income climbed two percent to S$83 million.
A-REIT saw higher operating expenses in Q3, as its portfolio grew and the government stopped giving land rent and real estate tax rebates. The unit base had also grown, partially from a placement exercise in August 2009.
On a proforma basis, the DPU for the nine months ended December 31 would have been 9.81 cents, which translates to a 1.5 percent year-on-year growth.
The trust achieved a revaluation gain of about S$42.9 million due to the completion of Phase 2 of Plot 8 Changi Business Park last month. The entire property will be leased by Citibank starting next month.
As of 31 December, the trust’s portfolio stood at 95.6 percent, slightly higher than the 95.3 percent in the earlier quarter.
A-REIT’s aggregate leverage stood at 34.7 percent. It has debt headroom of S$931 million before leverage reaches 45 percent.
The trust has around S$457 million of debt that will mature in 2011 and said it is in the process of refinancing the debt.