By Justina Lee

Ascendas REIT said Thursday its first-half net property income rose 11.2%, helped by higher contributions from its U.S. portfolio and two Singapore business park properties.

Net property income for the period was 388.0 million Singapore dollars (US$$280 million), compared with around S$349.1 million a year ago.

Distribution per unit in the first half was 7.270 Singapore cents, down 10.8% from a year earlier due to an enlarged number of applicable units.

The REIT expects business challenges in the months ahead, but notes that its diversified portfolio and tenant base could help mitigate the impact on its performance. 



  Write to Justina Lee at justina.lee@wsj.com