ART – SGX
ART UNITHOLDERS’ DISTRIBUTION 84% ABOVE 3Q 2006
Boosted by strong performance from Philippine and Singapore properties Singapore, 24 Oct 2007 – Ascott Residence Trust (ART) achieved a unitholders’ distribution1 of S$12.0 million for the period 1 July 2007 to 30 September 2007, a 84% increase over the same period last year, underpinned by strong operating performance and accretive acquisitions. Distribution per unit (DPU) for the same period is 1.99 cents, an increase of 39% over 3Q 2006. This is also 9% higher than the forecast2 of 1.82 cents.
Mr Lim Jit Poh, Ascott Residence Trust Management Limited’s (ARTML) Chairman, said: “ART has achieved a geographically-diversified portfolio across stable and emerging markets, with properties spanning Australia, China, Indonesia, Japan, The Philippines, Singapore and Vietnam. The portfolio, which has expanded from the initial 12 properties to 18 properties, has delivered growing returns to unitholders. As part of the overall growth strategy, ART will continue to acquire quality serviced residences and rental housing properties to achieve a portfolio value of S$2 billion by end-2008.”
Mr Chong Kee Hiong, ARTML’s CEO, said: “ART has outperformed our forecast for the third quarter with overall revenue per available unit (RevPAU) registering 9% higher than forecast. In particular, RevPAU for our serviced residences in the Philippines and Singapore were 32% and 22% better than forecast. Demand for serviced residences is expected to remain strong and we are confident of delivering the forecast distribution per unit of 7.27 cents for the year.”
ART’s portfolio value now stands at S$1.2 billion. It comprises 2,952 serviced residence units in 18 properties in 10 cities across seven countries.
1 There is no distribution declared for the period 1 July to 30 September 2007. ART makes distributions to unitholders on a semi-annual basis, with the amount calculated as at 30 June and 31 December each year for the six-month period ending on each of the said dates.
2 The forecast is extracted from the Offer Information Statement dated 12 March 2007, pro-rated for 1 July 2007 to 30 September 2007 and is based on assumptions set out in the Offer Information Statement.
Source : SGX