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Ascendas REIT DPU For H1 2022 Was Up 2.8%

August 3, 2022 – Ascendas Real Estate Investment Trust (Ascendas Reit), reported that gross revenue for H1 2022 rose by 13.7% y-o-y to S$666.5 million.

The increase was mainly attributable to contributions from newly acquired properties in Singapore, UK/Europe, USA and Australia and a built-to-suit development in Singapore during FY 2021 and 1H 2022.

Property operating expenses rose as a result of new acquisitions as well as higher net utilities expenses from the properties in Singapore.

Net property income rose 7.0% y-o-y to S$476.9 million and the total amount available for distribution rose 6.3% y-o-y to S$330.7 million. Taking into account the enlarged number of applicable units (+3.5%) in issue1, the DPU rose 2.8% to 7.873 Singapore cents.

Mr William Tay, Chief Executive Officer and Executive Director of the Manager, said: “In the first half, we achieved strong results across our markets. Ascendas Reit’s total investments increased to S$16.6 billion (vs S$15.9 billion in 1H 2021), and revenue increased by 13.7% to S$666.5 million. At the operating level, Ascendas Reit’s portfolio occupancy rate rose to 94.0% (vs 91.3% in 1H 2021) and the average portfolio rental reversion was 9.4% for leases renewed in the first half of 2022.

DPU rose by 2.8% to 7.873 cents in 1H 2022. While we have delivered DPU growth consecutively for the past three periods since 1H 2021 and prospects for our business remain healthy, we are closely monitoring the ongoing uncertainty in the global economy.”

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