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Ascott Reit DPU up 9% in Q1

Apr 19, 2018
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Ascott Residence Trust (Ascott Reit) saw its unitholders’ distribution increase 16 percent to $29.2 million during the first quarter of 2018 from $25.1 million over the same period last year.

After adjustments for one-off items, distribution per unit (DPU) rose nine percent to 1.28 cents from the restated DPU of 1.17 cents in Q1 2017, following a rights issue in April 2017.

The trust attributed the hike in unitholders’ distribution to contributions from last year’s acquisitions, the $1.6 million realised gain arising from the proceeds from the divestment of two serviced residences in Xi’an and Shanghai in China, and the repayment of foreign currency bank loans with the divestment proceeds.

Meanwhile, gross profit grew three percent to $48.7 million, while revenue climbed one percent to $112.8 million.

Revenue per available unit (RevPAU) increased one percent to $129/day in Q1 2018 from $128/day previously.

Belgium emerged as the best performing market for Ascott Reit, with a 20 percent increase in RevPAU. China’s RevPAU expanded 16 percent with the divestment of two properties in Xi’an and Shanghai, while the UK posted a seven percent hike due to “greater leisure demand and higher revenue from the refurbished apartments at Citadines Barbican London,” said Beh Siew Kim, chief executive officer of Ascott Reit’s manager.

“Stronger corporate demand also contributed to a four percent increase in RevPAU for Indonesia.”

Looking ahead, Beh said the trust will continue to keep a “disciplined and prudent approach towards capital management, with about 86 percent of our total borrowings on fixed interest rates to hedge against potential rising interest rates.

“We have also commenced discussions with banks to refinance the debts due in 2018, ahead of their maturity dates. We will continue to monitor and manage our interest rate and exchange rate exposure.”

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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