Ascott Residence Trust reported on Thursday that its net distributable income for the third quarter of 2014 grew 8 per cent to $32.3 million compared to the same period a year ago.
Distributable income per unit (DPU) was 2.11 cents, 15 per cent higher than the adjusted DPU of 1.84 cents for the year-ago period. The adjusted DPU accounted for the effects from Ascott Reit's rights issue in December 2013 and excluded one-off items.
Revenue for 3Q 2014 rose 9 per cent to $93.7 millio n, largely due to the additional income of $8.5 million from new properties acquired in 2014, and stronger contribution from existing properties. In line with the increase in revenue, gross profit increased 9 per cent to $48.8 million.
The trust's chairman, Mr Lim Jit Poh, 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.
"We acquired a rental housing property in Fukuoka, a prime hotel in Tokyo as well as our first serviced residences in Kuala Lumpur, Dalian, Wuhan and Xi'an. We recently entered Greater Sydney through the acquisition of three quality assets which will continue to be operated under the Quest brand.
"The Ascott Limited, also sealed a strategic partnership with Quest to invest in serviced residences in Australia. The partnership will provide a strong pipeline of properties to further grow Ascott Reit's portfolio."
Mr Ronald Tay, the trust's chief executive officer, said: "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."