Ascendas India Trust: 1QJun11 results. Net property income up marginally by 3% to $18.9m, due to more new leases signed. However, distributable income was down 19% yoy, due to loss on forward FX contracts vs gains last yr. DPU also down 19% to S1.66cts giving annualized yield of 6.7%...
Portfolio occupancy remained high at 97%. Mgt expects improvement in 2H10, driven by an enlarged portfolio income base, as1.2m sqft of new space from Park Square (a retail mall in Bangalore) and Zenith (an IT Multi-tenanted Building in Chennai), comes on stream. Stock last traded at $0.995 vs NAV/unit of $0.85.
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