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

Global brand in an attractive asset class

Ascott trust’s income surges 58% in Q2

S’pore and Vietnam operations, strong revenue from new properties boost income to $12.1m

ASCOTT Residence Trust (ART) yesterday said that distributable income for the second quarter ended June 30, 2007, rose 58 per cent to $12.1 million, boosted by its operations in Singapore and Vietnam as well as revenue from new properties. Distributable income for the same three months in 2006 was $7.7 million. Distribution per unit (DPU) increased by 18 per cent to 2.01 cents, from 1.70 cents in 2006.

For the first six months of 2007, ART recorded distributable income of $20.2 million while DPU came to 3.60 cents. There is no comparable data for the first half of 2006 as the trust was listed only in mid-January last year.

ART’s portfolio now consists of some 2,900 serviced residence units in 18 properties across seven countries.

The trust’s strong second quarter showing was underpinned by strong revenue growth. Revenue for the three months rose 55 per cent to $40.6 million, mainly due to contributions from six new properties acquired over the past year.

Existing properties also performed well. Overall revenue per available unit (Revpau) increased by 7 per cent to $132 in the second quarter, said ART.

‘In particular, our Singapore and Vietnam properties achieved the strongest performance, with double-digit growth in revenue and gross profit,’ said Chong Kee Hiong, chief executive of the trust’s manager Ascott Residence Trust Management Limited (ARTML).

ART is aiming to grow its portfolio to $2 billion by end-2008, from $1.2 billion now, and is keen to buy properties in China, South Korea, Japan, Vietnam and Australia, Mr Chong said. The trust is expanding in line with parent company The Ascott Group, which wants to increase the number of units it manages to 25,000 by 2010 from more than 19,000 now.

The trust has targeted $500 million worth of assets across Asia now owned by Ascott for acquisition by end-2008, Mr Chong said. If it manages to pick up all the identified assets, ART will be able to add some 12 properties and 1,900 units to its portfolio. In Singapore, ART hopes to buy Ascott Singapore Raffles Place.

ART is upbeat about the rest of the year. ‘The business and market sentiments in Asia remain positive and will continue to attract foreign direct investments from multinational companies, which will bring more business travellers to the region,’ the trust said in a filing to the Singapore Exchange. ‘This will spur demand and drive Revpau growth for the Group’s serviced residences.’
Said Mr Chong: ‘ART is on track to deliver the forecast annualised DPU of 7.27 cents for the full year.’

ART’s shares closed unchanged at $2.00 yesterday.

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.

ART’S UNITHOLDERS’ DISTRIBUTION 58% ABOVE 2Q 2006

Achieved DPU growth of 18% in 2Q 2007 vs 2Q 2006

Singapore, 25 July 2007 – Ascott Residence Trust (ART) achieved a unitholders’ distribution of S$12.1 million for the period 1 April 2007 to 30 June 2007, a 58% increase over the same period last year. Distribution per unit (DPU) for the same period is 2.01 cents, 18% increase over 2Q 2006. This is also 10% higher than the forecast DPU of 1.82¹ cents as stated in the Offer Information Statement dated 12 March 2007.

Based on the 2007 forecast annualised DPU of 7.27² cents and closing price of S$2.00 per unit on 24 July 2007, ART’s trading yield is 3.6%.

Mr Chong Kee Hiong, Ascott Residence Trust Management Limited’s (ARTML) CEO said: “Comparing 2Q 2007 against 2Q 2006, ART has clearly demonstrated its ability to acquire yield-accretive assets post-listing that have boosted unitholders’ distribution to S$12.1 million, and DPU to 2.01 cents, representing a 58% and 18% increase respectively.”

“ART’s properties have done well to report a performance better than forecast. This is attributed to higher revenue and gross profit achieved by the portfolio. In particular, our Vietnam and Singapore properties achieved the strongest performance, with double-digit growth in revenue and gross profit. ART is on track to deliver the forecast annualised DPU of 7.27 cents for the full year,” he added.

Mr Lim Jit Poh, ARTML’s Chairman said: “Since its listing in March 2006, ART has achieved a geographically-diversified asset portfolio, with properties located in both stable and emerging markets. Going forward, ART will further grow its portfolio by acquiring quality, yield-accretive serviced residences and rental housing from The Ascott Group as well as from third parties.”

ART’s portfolio currently comprises 2,942 serviced residence units in 18 properties in 10 cities across seven countries.

An advanced distribution of 1.50 cents per unit for the period 1 January to 25 March 2007 was paid on 28 April 2007. The next distribution of 2.10 cents per unit to be paid on 28 August 2007 will comprise ART’s distributable income for the period from 26 March 2007 to 30 June 2007.

¹ The forecast is extracted from the Offer Information Statement dated 12 March 2007, prorated for 1 April 2007 to 30 June 2007.
² This forecast is extracted from the Offer Information Statement dated 12 March 2007.

Source : SGX