AscottREIT – BT

Ascott Trust Q1 payout per unit up 47%

ASCOTT Residence Trust (ART) achieved a unitholders’ distribution of $14.17 million for the first quarter ended March 31 – a 76 per cent rise from a year earlier. And distribution per unit (DPU) rose 47 per cent to 2.33 cents.

The trust said its serviced residences continued to benefit from strong demand for accommodation from business travellers in Asia. The improved operating performance of its properties and contributions from new acquisitions also boosted its performance.

Serviced residences posted 15 per cent growth in revenue per available unit (RevPAU) overall, led by a strong RevPAU increase of 29 per cent in Singapore and higher RevPAU in China, Indonesia, the Philippines and Vietnam.

In addition, rental housing properties in Tokyo have performed well since they were acquired in December last year, achieving average occupancy of about 90 per cent, according to ART.

‘We will continue to focus on maximising asset yields to drive organic growth and making yield-accretive acquisitions to deliver stable and growing returns to unitholders,’ said Lim Jit Poh, chairman of Ascott Residence Trust Management Ltd.

Added Chong Kee Hiong, ARTML’s chief executive officer: ‘Our strategy of maintaining a balance of properties in stable as well as emerging markets in the Pan-Asian region will continue to provide a high degree of income stability for the portfolio.’

Upon completion of its latest acquisition in Perth, expected in the current Q2, the trust’s portfolio will expand to $1.52 billion, comprising 37 properties with 3,550 units in 11 cities across seven countries.