By Cheryl Tay:
Ascott Residence Trust (Ascott REIT) posted a higher unitholders’ distribution of S$25.6 million and distribution per unit (DPU) of 2.24 cents for Q3 2012. Its gross profit for the third quarter also rose two percent to S$40.7 million.
At the same time, revenue for the quarter increased six percent to S$77.4 million from S$73.0 million in Q3 2011, mainly driven by contributions from the newly-acquired Citadines Karasuma-Gojo Kyoto (pictured) and Citadines Shinjuku Tokyo, as well as stronger performance from Ascott REIT’s serviced residences in the UK and China.
“Ascott REIT has achieved strong performance despite the continuing uncertain global economic conditions. This is due to our extended stay business model and diversification across different economic cycles,” said Lim Jit Poh, Chairman at Ascott Residence Trust Management Limited (ARTML).
He added that Ascott REIT expects further improvement in its earnings following the acquisition of Ascott Guangzhou, Ascott Raffles Place Singapore and Madison Hamburg which is expected to be completed by the end of this year.
“Revenue per available unit (RevPAU) increased to S$148 in Q3 2012 mainly driven by better performance of our serviced residences in China and United Kingdom,” said Ronald Tay, Chief Executive Officer of ARTML.
Related Stories:
Ascott hunts for promising European properties
Top Global disposes Ang Mo Kio property
Keppel Land posts robust growth