SINGAPORE (Apr 23): The manager of Ascendas REIT (AREIT) has declared a 4Q18 DPU of 3.91 cents, 1.5% higher compared to the 4Q17 DPU of 3.852 cents.

This brings FY18 DPU to 15.988 cents, 1.6% higher than 15.743 cents in FY17.

Gross revenue for the quarter increased by 3.3% to $215.7 million from $208.9 million in the previous year.

This was mainly due to the acquisition of 52 Fox Drive, Dandenong South in Melbourne and 100 Wickham Street and 108 Wickham Street in Brisbane. The full period contribution from 197-201 Coward Street in Sydney, Australia, as well as 12, 14 and 16 Science Park Drive in Singapore also contributed to the increase.

Net property income for 4Q18 came in at $157.9 million, 2.5% higher than $154.1 million in 4Q17.

Total amount for distribution was 2.4% higher at $114.5 million.

William Tay, CEO and executive director of the REIT’s manager says, “Ascendas REIT continues to generate positive DPU growth despite a competitive environment. Going forward, we aim to create value through more extensive asset enhancements in Singapore. We will also look to scale up the portfolio in our target markets.”

Units in AREIT closed at $2.71 on Monday.