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COMMERCIAL PROPERTY | Staff Reporter, Singapore

Ascendas India Trust’s income jumps by 28% to $24.4m

It was propped up by lower expenses.

The property firm has found the balance between accretive acquisitions and expense management as it books a 28% increase in its net property income.

According to a press release by Ascendas India Trust, its revenue grew by 15% to $36.9m in the third quarter, supported by rental income from CyberVale and aVance Building 3 and improvements in portfolio rental and occupancy levels.

The press release added that a-iTrust’s portfolio distribution per unit also increased by 17% to 1.36 cents while keeping is portfolio occupancy healthy at 97%.

“Leasing demand stayed firm and the Trust concluded leases amounting to 0.8 million sq ft for the period up to 31 December 2015. a-iTrust’s gearing ratio was 28% as at 31 December 2015,” the press release said.

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