Highlights:
1. Distributable income per unit (“DPU”) of 3.51 cents represents a 11.1% year-onyear (“yoy”) growth over 3.16 cents
2. Gross revenue of S$80.2 million is 15% above 2Q FY2006/07 of S$69.9 million
3. Net property income of S$60.1million is 16% above 2Q FY2006/07 of S$51.9million

19 October 2007, Singapore – The Board of Directors of Ascendas-MGM Funds Management Limited (the “Manager”), the manager of Ascendas Real Estate Investment Trust (“A-REIT”), is pleased to announce a DPU of 3.51 cents per unit for the three months ended 30 September 2007, an increase of 11.1% on the 3.16 cents recorded in the same quarter of the last financial year.

Chief Executive Officer of the Manager, Mr Tan Ser Ping said, “On the back of the positive
economic performance and the increasing demand for quality business space, we are pleased to report a 15.9% year-on-year increase in our net property income to $118.2 million and a 10.1% increase in our distribution income per unit for the first half of FY2007/08.

The occupancy rate for the portfolio reached a high of 98.3%. Rental rates have also increased by 32% and 15% for Business & Science Parks and Hi-Tech Industrial properties respectively over 1Q FY2007/08. This can be attributed to the spillover effect from the tight CBD office market and our active asset management initiatives.

For instance, enquiries for space at our partial build-to-suit business park development project (HansaPoint) at Plot 15 Changi Business Park have been very encouraging. We are pleased to report that 84% of the space has been pre-committed five months prior to completion with some recent commitments transacted at rental rates above $3.50 psf pm.

If the positive economic and market conditions are sustained, A-REIT is poised for another year of stable returns for its Unitholders.”

A-REIT will pay out a DPU of 3.51 cents for the three months ended 30 September 2007 on 29 November 2007. A-REIT recorded a DPU of 6.88 cents for the six months ended 30 September 2007. This represents an annualized yield of 5.0% based on the closing price of $2.73 per unit on 28 September 2007.

Source : SGX