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.
Revenue rose 11 per cent to $83.9 million.
However distribution per unit for the quarter fell 34 per cent to 1.33 cents due to the new units from last month's rights issue diluting the share capital.
The quarter's distribution per unit would have been 1.96 cents if this dilutive effect was excluded, said the manager of the real estate investment trust on Tuesday.
Ascott Reit makes distributions twice a year.
The distributions for the six months to Dec 31 will be 3.698 cents per unit, down from 4.238 cents a year ago.
Ascott Reit's units will go "ex-distribution" on Jan 27, with the payment being expected on Feb 27.
Full-year distributable income rose 15 per cent to $114.8 million, as revenue increased 4 per cent to $316.6 million.
The higher revenue came as Ascott Reit bought properties in 2012 and 2013, located in China, Germany, Japan and Singapore.
Distribution per unit for the year fell 4 per cent to 8.4 cents. But without the rights issue it would have been a historical high of 9.03 cents.