AscottREIT – UOBKH

2Q07: Results Boosted By Contributions From New Acquisitions

Strong topline growth from contributions of new acquisitions. Ascott Residence Trust’s (ART) reported strong revenue growth of 55% qoq at S$40.6m, on the back of contributions from six additional properties acquired in 2Q06. The strong revenue growth filters down to an impressive 58% qoq increase in distributable income of S$12.1m, implying a DPU of 2.01Scts (18% qoq increase). Amongst the markets, Vietnam and Singapore achieved the strongest performance, with double-digit growth in revenue and gross profit.

Strength in making strategic acquisitions. ART is the world’s only pan Asian serviced residence REIT. It was listed with an initial portfolio of 12 strategically located assets of about S$856m in total asset size in seven pan-Asian cities (Singapore, Australia, China, Indonesia, Japan, Philippines and Vietnam), and had grown to the current S$1.2b portfolio size, comprising of 18 properties. Going forward, we believe that ART will continue to make strategic acquisitions and benefit from the benign hospitality segment globally.