Ascendas REIT

Ascendas REIT Posts NPI Of $920.8mil In FY2021

SINGAPORE – For the whole of financial year 2021, Ascendas REIT registered a net property income of S$920.8 million, up 18.6 percent year-on-year, according to local bourse filings on Tuesday afternoon (8 February, SGT).

Of this, business & science park properties accounted for S$416.67 million, up from S$333.17 million in FY2020, while integrated development, amenities, and retail properties made up S$46.56 million, which is just a 1.1 percent uptick from the figure seen in the prior fiscal year.

At the same time, the trust’s gross revenue increased by 16.9 percent to S$1.23 billion in FY2021 from about S$1.05 billion in the preceding financial year.

Out of FY2021’s tally, business & science park properties accounted for S$561.51 million, up from S$462.04 million in FY2020, while integrated development, amenities, and retail properties made up S$60.21 million, down 5.1 percent from the S$63.44 million witnessed in FY2020.

Ascendas REIT’s manager said the revenue growth is primarily attributable to the full period revenue contribution from acquisitions concluded in H2 FY2020. Another reason is the 11 European data centres that were purchased in March 2021 and contributions from its Galaxis business park and Grab’s headquarters in Singapore in H2 FY2021.

The trust’s Singapore portfolio is valued at S$9.9 billion. It consists of business space, logistics, and distribution centres, industrial properties and data centres. Tenants include tech firms, life science, manufacturing and logistics.

In Australia, Ascendas REIT revealed that its new suburban office complex in Sydney known as MQX4 is expected to be finished during the last quarter of this year. The completion will enable the trust to expand its footprint within the Macquarie Park innovation district.

Including its two new logistics properties, 500 Green Road in Brisbane and Lot 7 Kiora Crescent in Sydney, Ascendas REIT’s overall investment properties in Australia is expected to hit S$2.6 billion once these projects are completed.

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