ART – BT

Ascott Q1 DPU stays at 2.14 cents

Annualised yield of 7.8% based on trust's $1.10 price

ASCOTT Residence Trust's first-quarter distribution per unit remained unchanged from a year ago on the back of a modest 6 per cent increase in revenue.

Unitholders' distribution for the three months ended March 31 rose one per cent or $0.2 million to $24.2 million. This translated to a distribution per unit of 2.14 cents, an annualised yield of about 7.8 per cent based on yesterday's $1.10 closing price.

Revenue for the quarter came in at $71.6 million, up $4.3 million or 6 per cent year on year. This was due mainly to contributions from Citadines Shinjuku, which was acquired in December last year, and a better showing from the group's serviced residences in countries such as the Philippines, China and the United Kingdom.

Ronald Tay, chief executive officer of Ascott Residence Trust Management Limited (ARTML), said: "Revenue per available unit (RevPAU) in China, the Philippines and United Kingdom grew by 22 per cent, 15 per cent and 9 per cent respectively over the same period last year, mainly led by better operating performance.