Ascott Residence Trust's DPU for the third quarter up 15% to 2.11 cents

SINGAPORE - Ascott Residence Trust said on Thursday that its distribution per unit (DPU) for the third quarter has risen 15 per cent from a year ago, to 2.11 cents.

This came on the back of higher income for distribution, which grew 8 per cent from the same period a year ago to $32.3 million.

Revenue for the period rose 9 per cent to $93.7 million, largely due to the additional income of $8.5 million from new properties acquired this year and stronger contribution from existing properties.

In line with the increase in revenue, gross profit increased 9 per cent to $48.8 million.

Mr Lim Jit Poh, Ascott Residence Trust Management's chairman, said: "Ascott Reit's revenue increased consistently largely due to the acquisitions of good quality assets. This year, we have so far added nine properties with over 1,800 apartment units to our portfolio."

Ascott Reit acquired a rental housing property in Fukuoka, a prime hotel in Tokyo and its first serviced residences in Kuala Lumpur, Dalian, Wuhan and Xi'an.

It recently entered Greater Sydney through the acquisition of three quality assets which will continue to be operated under the Quest brand. Quest is a leading serviced apartment provider in Australia.

Mr Ronald Tay, the trust manager's chief executive officer, added: "Ascott Reit has also recently made its maiden issuance of perpetual securities of $150 million. This strengthens our balance sheet and boosts our financial flexibility to tap growth opportunities. We will continue to actively seek accretive acquisitions in key cities of Asia Pacific and Europe to enhance returns for unitholders."