Ascendas REIT, Singapore's largest listed business space and industrial real estate investment trust, on Monday reported a 1.1 percent rise in second-quarter distribution per share (DPU).
Singapore-listed Ascendas REIT said DPU rose to 4.059 Singapore cents in the three months ended September 30 from 4.016 Singapore cents last year.
Net property income grew 5.3 percent to S$160.5 million in the quarter due to contributions from newly acquired properties in Singapore, Sydney and Melbourne.
Singapore accounts for 85 percent of Ascendas Reit's portfolio by asset value while Australia makes up the remaining 15 percent.
Revenue advanced 5.1 percent to S$215.8 million, the company said in a regulatory filing.
During the quarter, the company sold two properties in Singapore as part of its proactive asset management strategy to redeploy capital and optimise returns for unitholders.
The aggregated gains on the divestments compared to their initial purchase costs would be about S$11.5 million, the company said.
Overall portfolio occupancy rate improved to 92 percent at the end of September 30, 2017 from 89.1 percent in the corresponding period last year.
As at September 2017, Ascendas REIT's total assets were about S$10.3 billion, comprising 101 properties in Singapore and 30 properties in Australia.
Shares in Ascendas REIT ended down 0.7 percent to S$2.7 on the Singapore Exchange on Monday. The stock has gained about 19 percent so far this year.