SINGAPORE – Ascott Residence Trust (Ascott Reit) announced on Wednesday a distribution per unit of 1.92 cents for the third quarter ended Sept 30 2009, down 26 per cent from the same period last year but 7 per cent higher than the second quarter this year.

Third quarter income available for distribution fell 25 per cent to $11.8 million from last year but rose 7 per cent from the previous quarter.

Mr Lim Jit Poh, Ascott Residence Trust Management Limited’s Chairman said in a news release: ‘The severe challenges posed by the global downturn to the hospitality industry have eased. Our Q3 operating performance has shown further signs of stabilisation in hospitality demand.’

Mr Chong Kee Hiong, ARTML’s Chief Executive Officer added: ‘The better performance was led by revenue per available unit growth in Japan, Singapore and China of 24 per cent, 15 per cent and 7 per cent respectively in 3Q 2009 compared to 2Q 2009.’

‘To ride on the expected upturn in demand as the economy recovers, we have accelerated our asset enhancement initiatives for selected properties. We will also continue to seek yield accretive acquisitions.’