by Cheryl Tay
Ascendas Real Estate Investment Trust (A-REIT) has released strong results for Q1 ended 30 June.
The company's turnover rose to S$142 million, up 18.4 percent from S$119.9 million last year.
A-REIT noted that the increase may be attributed to additional rental from the acquisitions of Cintech I to Cintech IV (pictured) last March, as well as the completion of two developments, 90 Alps Avenue in January and FoodAxis@Senoko in February.
Net property income also climbed 13.9 percent to S$101.1 million, despite the 31.1 percent increase in overall property operating expenses to S$40.8 million.
With this, the total amount available for distribution also rose 16.1 percent to S$76.5 million, which translates to a distribution per unit (DPU) of 3.53 cents.
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