ASCENDAS Real Estate Investment Trust (A-Reit) on Tuesday (Aug 2) posted a distribution per unit (DPU) of 7.873 cents for its first half ended Jun 30, 2022, up 2.8 per cent from a DPU of 7.66 cents a year ago.

“This is one exceptional quarter. We have capitalised very much on this and pushed rental up as high as possible, to what is acceptable,” said William Tay, chief executive officer of the real estate investment trust (Reit) manager, at a briefing delivered with the announcement of the results. “Generally, the market has moved up, and enquiries have strengthened.”

A-Reit’s average rental reversion for the second quarter ended June came in at a strong 13.2 per cent across its portfolio. This brought rental reversion for H1 to 9.4 per cent.