Ascott REIT achieves 3Q DPU of 2.24 cents

Ascott Residence Trust (Ascott REIT) said it achieved higher revenue of $77.4 million in 3Q 2012, an increase of 6% from $73 million in 3Q 2011.

Gross profit in 3Q 2012 grew 2% to $40.7 million compared to the same period last year. Revenue increased mainly due to the contribution from the newly acquired Citadines Shinjuku Tokyo and Citadines Karasuma-Gojo Kyoto, and stronger performance from Ascott Reit’s serviced residences in China and United Kingdom. Unitholders’ distribution for 3Q 2012 rose 1% to $25.6 million and distribution per unit (DPU) is 2.24 cents.

Lim Jit Poh, Ascott Residence Trust Management Limited’s (ARTML) Chairman, said: “Ascott Reit’s earnings will further improve following the addition of three prime assets to our portfolio. The acquisition of Ascott Raffles Place Singapore and Ascott Guangzhou has been completed and we expect the acquisition of Madison Hamburg to be completed by the end of 2012. We will continue to focus on yield accretive acquisitions in countries where we operate and explore opportunities in Asia as well as London, Paris and key cities in Germany.”

Ronald Tay, ARTML’s Chief Executive Officer, said: “Revenue per available unit (RevPAU) increased to $148 in 3Q 2012 mainly driven by better performance of our serviced residences in China and United Kingdom. In China, RevPAU grew 15% largely due to stronger demand for the refurbished apartments of Somerset Olympic Tower Tianjin. We also had more business from customers on project assignments and expatriates who have relocated to China.”