SINGAPORE (Apr 29): The manager of Ascendas REIT (AREIT) announced that its 4Q19 DPU has increased by 6.1% to 4.148 cents compared to 3.910 cents in 4Q18, with amount available for distribution increasing by 12.7% y-o-y to $129.0 million.
This brings FY19 DPU to 16.035 cents, 0.3% higher than 15.988 cents in FY18.
As at end March, the REIT’s total portfolio consists of 171 properties – 98 properties in Singapore, 35 properties in Australia and 38 properties in UK.
Gross revenue for the quarter increased by 4.3% to $225.1 million from $215.7 million last year, mainly due to acquisitions in Australia and the UK, and contributions from completed redevelopment at 20 Tuas Avenue 1.
As property operating expenses increased by 6.5% y-o-y to $61.6 million, net property income for 4Q19 came in 3.5% higher at $163.4 million from $157.9 million a year ago.
Higher net finance costs of 16.9% y-o-y at $33.0 million was due to higher average debt balance and higher average cost of borrowings.
During the quarter, the REIT recorded foreign exchange gain of $11.6 million, compared to a loss of $30.0 million in the previous year.
Hence, net non-property expenses dropped by 51.3% y-o-y to $33.8 million.
As at Mar 31, AREIT’s cash and cash equivalents stood at $4.9 million.
William Tay, CEO and executive director of the manager, says, “Moving forward, we plan to transform some of our properties at the opportune time to be future ready. We will also continue with our overseas growth strategies and unlock values in our assets to strengthen the portfolio further.”
Units in AREIT closed at $3.01 on Monday.
