New properties boost income at Ascott Reit
INCOME from new property and a stronger performance from assets in Belgium and France delivered a strong fourth quarter for Ascott Residence Trust (Ascott Reit).
Distributable income for the three months to Dec 31 was $26.3 million, up 15 per cent from the from $22.8 million a year earlier.
Ascott Reit bought 14 properties in China and Japan on June 28.
It also benefited from a full quarter's contribution from Germany's Madison Hamburg, which it bought in November 2012. However these were partially offset by weaker performances from properties in the Philippines and Japan.