By Yongchang Chin

Ascendas Real Estate Investment Trust's 2021 revenue rose 17% to 1.23 billion Singapore dollars (US$915.6 million), helped by the performance of the REIT's newly acquired properties, the company said Tuesday.

The REIT's net property income grew 19% to S$920.8 million, it said. Ascendas also reported solid operational metrics, with its portfolio occupancy at 93.2% and average rent increases in 2021 at 4.5%.

In 2021, Ascendas REIT said it spent S$2.1 billion of capital to invest in properties across its four existing markets. The size of its portfolio of investment properties stood at S$16.3 billion, it said.

"Properties in new economy sectors such as technology, life science, data center and logistics now represent a significant 81% of Ascendas Reit's total assets under management and contributed 78% to 2021's total gross revenue," it said.

While the REIT notes that Singapore's gradual domestic reopening is a headwind for operations, it said that the uncertainties posed by the Omicron variant and the large supply of new industrial properties completing this year could put downward pressure on rent rates and its occupancy levels.


Write to Yongchang Chin at yongchang.chin@wsj.com


(END) Dow Jones Newswires

02-08-22 0459ET