Ascendas REIT's NPI up 5.3% to $160.5m in Q2

It acquired new properties in Singapore and Sydney.

Ascendas Real Estate Investment Trust's (Ascendas REIT) net property income (NPI) for Q2 grew 5.3% YoY to $160.5m.

According to its financial statement, NPI was boosted by its newly acquired properties in Singapore and Australia.

There were contributions from newly acquired properties in the past year, namely, 12, 14 and 16 Science Park Drive in Singapore, 197-201 Coward Street in Sydney and 52 Fox Drive Dandenong South in Melbourne. This was partially offset by the divestment of A-REIT City @Jinqiao.

Distribution per Unit (DPU) grew by 1.1% YoY to 4.059 cents.

Overall portfolio occupancy rate improved year-on-year and quarter-on-quarter to 92.0% and portfolio rental reversion of +3.1% was achieved.