Ascendas REIT's net gains jump 11.5% to S$104.7m

It's very confident of an outperformance in 2013.

According to OCBC, Ascendas REIT released its 3QFY13 results this morning. NPI rose by 11.5% YoY to S$104.7m while distributable income increased by 13.5% to S$81.1m.

DPU for the quarter came in at 3.62 S cents, up 4.0%. This brings the 9MFY13 DPU to 10.68 S cents, forming 76% of both our and consensus full-year DPU projection. A-REIT reiterated that it expects to maintain a stable performance for FY13, barring any unforeseen event and deterioration of the economic environment.

"We note that A-REIT only has ~2.1% of its revenue due for renewal for the remaining of its financial year and has a weighted average lease to expiry (WALE) of 3.8 years. We will be incorporating the results into our model. In the meanwhile, we place our Hold rating and S$2.43 fair value under review," OCBC said.