Ascott Residence Trust (Ascott REIT) achieved a unitholders’ distribution of $24.0 million for the first quarter of 2011, a 133% increase over the same period last year.
Distribution per unit (DPU) for the period is 2.14 cents, 29% higher than the same period last year.
Ascott REIT’s revenue for first quarter 2011 increased by $23.8 million or 55% to $67.3 million as compared to first quarter 2010.
Gross profit was correspondingly higher by 81% at $36.4 million.
The increase in revenue and gross profit were mainly due to the contribution of $27.7 million and $17.1 million respectively from the 28 properties acquired by Ascott Reit on 1 October 2010, partially offset by the decrease of $4.7 million and $1.4 million in revenue and gross profit respectively from the divestment of Ascott Beijing and Country Woods.
On a same store basis, revenue for 1Q 2011 increased by $0.8 million and gross profit increased by $0.6 million.
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