Ascendas REIT (A-REIT), the business space and industrial real estate investment trust, says net property and related finance lease interest income increased 3.3% year-on-year to $84.1 million for 3Q FY2010/11.

Distribution Per Unit (DPU) grew by 0.6% year-on-year to 3.29 cents

Occupancy for the entire portfolio and for the multi-tenanted properties improved over prior quarter to 95.6% and 91.1% respectively.

In 3Q, Ascendas REIT started 11th development project, a built-to-suit logistics facility worth about $35.9 million.

It has also completed Phase 2 of Plot 8 Changi Business Park within budget and on schedule, achieving a revaluation gain of 123.1% ($42.9 million) over total development cost.