Ascendas REIT NPI grows 12% to $177.9m in Q2

The acquisition of 38 UK properties spurred growth.

The net property income (NPI) of Ascendas REIT rose 12% YoY to $177.9m for Q2 FY2019, attributed to the full quarter contribution from 38 logistics properties in the UK acquired last year, according to a press release.

Gross revenue also increased by 5.3% YoY to $229.6m in tandem with the adoption of the Financial Reporting Standard (FRS) 1161 since April this year.

Total amount available for distribution also inched up 7.6% YoY to $123.8m and distribution per unit (DPU) grew to 3.97 cents (+2.3% YoY).

Last October 3, Ascendas REIT board of directors announced the purchase of a fourth suburban office in Australia for $104.4m (A$110.9m) currently being developed in Melbourne and is expected to be completed in Q2 2020.