Ascendas REIT’s net income increase 7% YoY to $476.9m in H1 22
The increase was driven by contributions from its newly acquired properties.
Ascendas Real Estate Investment Trust’s (Ascendas REIT) net income rose 7% YoY to $476.9m in H1 22, its latest financial statement revealed.
According to the REIT’s manager, the income increase was on the back of Ascendas’ higher revenue of $666.5m (+13.7% YoY) driven by contributions from its newly acquired properties in Singapore, the UK, the US, and Australia.
In H1, the REIT completed $261.6m worth of acquisitions.
Ascendas’ built-to-suit development in Singapore also drove additional revenue in H1, according to the manager.
With increased income, the REIT’s total distribution to unitholders also rose 6.3% YoY to $330.7m, whilst its distribution per Unit (DPU) climbed 2.8% YoY to $0.07873.
Looking ahead, the manager believes that Ascendas REIT’s diversified portfolio in developed markets like Singapore will allow it to “stay ahead of the curve, weather the economic uncertainties and continue to grow in a healthy manner.”
as of 31 march 2022, Ascendas REIT has an overall occupancy rate of 94.0%. Its portfolio is worth n$16.6b with a total of 229 properties, and more than 1,600 tenants. Of its properties, 61% are in Singapore.