Ascott Residence Trust posts 14% rise in 2Q distributable income to $30.9m

Ascott Residence Trust has posted robust results for the second quarter, on the back of higher contributions from newly acquired properties and stronger occupancy rates.

The hospitality trust on Tuesday announced that distributable income for the three months to June 30 rose to $30.9 million, up 14 per cent from the same period a year ago.

It also declared a distribution per unit (DPU) of 2.45 cents for the quarter, up 3 per cent from the corresponding period a year earlier.

The trust said that revenue for its properties in China had increased 35 per cent, while its properties in Germany recorded a 200 per cent increase in revenue, based on local currencies. This was also because of its newly acquired Ascott Guangzhou and Madison Hamburg.

Stronger demand from travellers in Japan and the United Kingdom also boosted revenue, Ascott added.

A distribution payment of 4.081 cents, for the period Feb 6 to June 30, will be made on Aug 28, Ascott said. An advance distribution of 0.617, for the period Jan 1 to Feb 5, had already been paid on April 5, bringing the total distribution paid for the six months to Jun 30 to 4.698 cents.