Ascendas REIT's assets reach $6.6b

.A-REIT is also expected to benefit from favourable rental reversions in the coming quarters.

According to OCBC, Ascendas REIT (A-REIT) is Singapore’s first listed business space and industrial REIT. It has a diversified portfolio of 101 properties in Singapore, comprising business and science park properties, hi-tech industrial properties, light industrial properties, and logistics and distribution centres, as well as a business park property in China.

Here's more from OCBC:

As at 30 Jun, AREIT’s total assets amounted to ~S$6.6b. These properties house a tenant base of over 1,100 international and local companies from a wide range of industries and activities. AREIT is managed by Ascendas Funds Management (S) Limited, a wholly-owned subsidiary of Singapore-based Ascendas Group.

Commendable set of 1QFY13 results
For 1QFY13, we note that A-REIT turned in a commendable set of results, with DPU rising 10.3% YoY to 3.53 S cents despite an enlarged unit base post private placement. Operationally, A-REIT’s portfolio occupancy rate also improved to 94.6% from 94.3% in 4QFY12.

For the rest of FY13, we understand that A-REIT has 9.1% of its revenue due for renewal. Given that the current market rents are 16-35% higher than the average passing rents for the areas due for renewal, we remain positive that A-REIT may continue to benefit from favourable rental reversions in the coming quarters.