Ascendas Reit Q4 net property income up 2.5% to $157.87m

Its revenue was up due to four newly acquired properties.

Ascendas Reit's net property income (NPI) edged up 2.5% YoY from $154.07m to $157.87m in Q4, but rose 3% to $629.4m for the full year. According to its financial statement, distribution per unit (DPU) for the quarter rose 1.5% to 3.91 cents, due to newly acquired properties.

Gross revenue rose 3.3%, mainly due to the acquisition of DNV/DSO in Singapore, 52 Fox Drive, Dandenong South in Melbourne, Australia, 100 Wickham Street, and 108 Wickham Street in Brisbane, Australia. "The completion of redevelopment works at 50 Kallang Avenue in Singapore since June 2017 also contributed to the increase. These were partially offset by the divestment of 10 Woodlands Link, 13 International Business Park and 84 Genting Lane in Singapore," the REIT added.

Property operating expenses in Q4 rose 5.5% due to a one-off property tax refund arising from retrospective downward revisions in the annual value of certain properties. Non property expenses fell 13.8%, whilst net finance costs were down $8.4m to $25.8m.

Portfolio occupancy improved to 91.5% from 90.2% a year ago, and a rental reversion of +0.7% was achieved.

Ascendas REIT CEO and executive director William Tay said, “Ascendas Reit continues to generate positive DPU growth despite a competitive environment. Going forward, we aim to create value through more extensive asset enhancements in Singapore. We will also look to scale up the portfolio in our target markets.”

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