Ascott Reit's Q3 DPU up 14%

SINGAPORE - Ascott Residence Trust's (Ascott Reit) distribution per unit (DPU) for the third quarter rose 14 per cent year to 2.35 cents, compared with the same period a year ago.

This is the highest DPU registered in the past three years, said the trust's manager.

Unitholders' distribution grew 21 per cent to S$38.7 million, the highest distribution recorded in a quarter since Ascott Reit was launched 10 years ago.

The record high distribution is mainly owing to the realised exchange gain of S$3.3 million from the repayment of foreign currency bank loans, with divestment proceeds from Fortune Garden Apartments.

Revenue increased 9 per cent to S$123.9 million and gross profit was up 4 per cent to S$57.5 million, doosted by Ascott Reit's acquisitions in 2015 and 2016.

rachaelb@sph.com.sg