Ascendas India Trust (a-iTrust ) says it achieved $30.9 million in total property income for the first quarter ending 30 June 2010 (1Q FY2010/11), an increase of 4% from the corresponding quarter last year. Net property income was $18.9 million or 3% higher.
Jonathan Yap, Chief Executive Officer of a-iTrust’s trustee-manager, says, “Property income this quarter grew year-on-year, despite total income-producing space in the portfolio remaining stable over this period. We had a healthy level of leasing activities in the first quarter, when 230,000 sq ft worth of leases were finalised, exceeding the 190,000 sq ft of space which expired during this period. Such efforts had ensured that portfolio occupancy rate remain high, at 97%. Upcoming addition of 1.2 million sq ft of new space later this year is expected to further contribute to the expansion of the portfolio income base. The space addition is from Park Square (a retail mall in International Tech Park Park Bangalore (ITPB)) and Zenith (an IT Multi-tenanted Building (MTB) in International Tech Park Chennai (ITPC), for which pre-leasing is in progress.”
