Ascendas Reit Q1 Income Up 16%

Source : The Business Times, July 18, 2008

Ascendas Real Estate Investment Trust (A-Reit) on Friday posted a 16 per cent rise in quarterly distributable income, boosted by higher rentals at its business park properties.

A-Reit, Singapore's second-biggest property trust by market value, earned distributable net income of $51.8 million (US$38.3 million) or 3.89 Singapore cents per unit, for its fiscal first quarter ending June 30.

This compares with $44.7 million in distributable income in the same period a year ago.

A-Reit competes against commercial and industrial property-based trusts Mapletree Logistics, CapitaCommercial, and Cambridge Industrial among Singapore-listed Reits.

A-Reit is managed by Ascendas Funds Management Ltd, a wholly-owned unit of Singapore government-owned industrial park developer Ascendas. -- REUTERS