Ascott Residence Trust's (ART) distribution per stapled security (DPS) fell 69 per cent to 1.05 cents for the half year from 3.43 cents a year earlier.
Revenue fell 16 per cent to $208.5 million for the six months to June 30, due mainly to lower turnover of $4.2 million from the divestment of Ascott Raffles Place Singapore and Somerset West Lake Hanoi.
There were lower sales of $91.1 million from the existing portfolio, the managers said yesterday.
The fall was partially offset by the contribution of $55.4 million from the Ascendas Hospitality Trust's (A-HTrust) portfolio acquired last December, and the acquisitions of Citadines Connect Sydney Airport in May last year and Quest Macquarie Park Sydney this February.
Gross profit slipped 28 per cent to $88.6 million and distributable income fell 56 per cent to $32.6 million. The distribution will be paid on Aug 28, after books closure on Aug 6.
ART is the stapled group formed out of the combination of real estate investment trusts Ascott Residence Trust (Ascott Reit) and A-HTrust.
Mr Beh Siew Kim, chief executive of the managers, said: "We expect the revenue per available unit to remain under pressure in the near term. Nonetheless, ART remains well capitalised with sufficient liquidity."
ART has struck conditional deals to divest Citadines Didot Montparnasse Paris and Ascott Guangzhou in China for a total of $191.4 million.
ART units closed down 2.7 per cent to 89.5 cents yesterday.
THE BUSINESS TIMES
