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Ascott Reit posts Q1 distribution per unit of 1.75 cents on higher revenue

Published on Apr 24, 2014 10:15 AM

SINGAPORE - Ascott Residence Trust (Ascott Reit) will pay a distribution per unit of 1.75 cents for the first three months of the year, it said on Thursday.

This is less than the 2.25 cents it paid in the same quarter last year, but would have been 5 per cent higher if last year's distribution was adjusted for the recent rights issue and the one-off foreign exchange gain last year, the Reit said.

Distributable income slipped 3 per cent to $26.7 million in the absence of the $8.1 million foreign exchange gain in the first quarter of last year.

First-quarter revenue rose 16 per cent from a year ago to $80.4 million, mainly due to additional contributions from Ascott Reit's acquisitions last year, as well as higher revenue from existing properties especially in Britain, France, Germany and Vietnam.

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