AscottREIT – SGX
ART’S UNITHOLDERS’ DISTRIBUTION 58% ABOVE 2Q 2006
Achieved DPU growth of 18% in 2Q 2007 vs 2Q 2006
Singapore, 25 July 2007 – Ascott Residence Trust (ART) achieved a unitholders’ distribution of S$12.1 million for the period 1 April 2007 to 30 June 2007, a 58% increase over the same period last year. Distribution per unit (DPU) for the same period is 2.01 cents, 18% increase over 2Q 2006. This is also 10% higher than the forecast DPU of 1.821 cents as stated in the Offer Information Statement dated 12 March 2007.
Based on the 2007 forecast annualised DPU of 7.272 cents and closing price of S$2.00 per unit on 24 July 2007, ART’s trading yield is 3.6%.
Mr Chong Kee Hiong, Ascott Residence Trust Management Limited’s (ARTML) CEO said: “Comparing 2Q 2007 against 2Q 2006, ART has clearly demonstrated its ability to acquire yield-accretive assets post-listing that have boosted unitholders’ distribution to S$12.1 million, and DPU to 2.01 cents, representing a 58% and 18% increase respectively.”
“ART’s properties have done well to report a performance better than forecast. This is attributed to higher revenue and gross profit achieved by the portfolio. In particular, our Vietnam and Singapore properties achieved the strongest performance, with double-digit growth in revenue and gross profit. ART is on track to deliver the forecast annualised DPU of 7.27 cents for the full year,” he added.
Mr Lim Jit Poh, ARTML’s Chairman said: “Since its listing in March 2006, ART has achieved a geographically-diversified asset portfolio, with properties located in both stable and emerging markets. Going forward, ART will further grow its portfolio by acquiring quality, yield-accretive serviced residences and rental housing from The Ascott Group as well as from third parties.”
ART’s portfolio currently comprises 2,942 serviced residence units in 18 properties in 10 cities across seven countries.
An advanced distribution of 1.50 cents per unit for the period 1 January to 25 March 2007 was paid on 28 April 2007. The next distribution of 2.10 cents per unit to be paid on 28 August 2007 will comprise ART’s distributable income for the period from 26 March 2007 to 30 June 2007.
1 The forecast is extracted from the Offer Information Statement dated 12 March 2007, prorated for 1 April 2007 to 30 June 2007.
2 This forecast is extracted from the Offer Information Statement dated 12 March 2007.
Source : SGX