SINGAPORE (July 30): The manager of Ascendas Real Estate Investment Trust (Ascendas REIT) reported 1Q18 DPU of 4.002 cents, 1.2% lower than the DPU of 4.049 cents declared a year ago.

1Q18 net property income (NPI) rose by 3.8% y-o-y to $159.2 million mainly attributable to contributions from newly acquired properties, 100 Wickham Street and 108 Wickham Street in Brisbane, Australia, and a redeveloped property, 50 Kallang Avenue in Singapore.

Lower property operating expenses also contributed to the higher NPI as property tax expense were reduced due to retrospective downward revisions in the annual value of certain properties.

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