Ascott REIT sees 2Q DPU fall 11% from 2.45 cents due to rights issue

Ascott Residence Trust has posted distribution per unit (DPU) of 2.19 cents for the second quarter ended June, down 11% from 2.45 cents a year ago due to an increase in number of units following a rights issue last December.

However, revenue for 2Q 2014 increased 14% to $88.1 million compared to 2Q 2013. This was largely due to contributions of $9.4 million from new properties acquired in 2013 and 2014, as well as stronger contribution from existing properties. In line with the increase in revenue, gross profit grew 14% to $46.5 million. Ascott REIT’s unitholders’ distribution for 2Q 2014 rose 8% to $33.5 million.

Accounting for the effects from the rights issue and excluding one-off items of $4 million, adjusted DPU for 2Q 2013 would have been 2.09 cents, and the DPU for 2Q 2014 of 2.19 cents would be 5% higher.

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