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New buys help increase Ascott REIT’s revenue

SINGAPORE — Ascott Residence Trust’s (Ascott REIT) revenue surged 16 per cent in the first quarter because of contributions from newly acquired properties as well as existing assets mainly in the United Kingdom, France and Vietnam, although its distribution per unit (DPU) plunged due to a rights issue and the absence of foreign exchange gains previously enjoyed.

SINGAPORE — Ascott Residence Trust’s (Ascott REIT) revenue surged 16 per cent in the first quarter because of contributions from newly acquired properties as well as existing assets mainly in the United Kingdom, France and Vietnam, although its distribution per unit (DPU) plunged due to a rights issue and the absence of foreign exchange gains previously enjoyed.

Revenue for the three months ended March 31 rose to S$80.4 million from S$69.2 million in the corresponding period last year, the trust manager said yesterday. Gross profit totalled S$39.2 million, also up 16 per cent.

Unit holders’ distribution of S$26.7 million was down 3 per cent while the DPU of 1.75 cents was down 22 per cent. However, adjusting for the rights issue last December and excluding a one-off foreign exchange gain of S$8.1 million in Q1 last year, the DPU represented a 5 per cent rise.

Chairman Lim Jit Poh said: “We continued to acquire quality assets in the first quarter to enhance Ascott REIT’s portfolio. We acquired our first serviced residence in Dalian and a second property in Fukuoka after our successful rights issue in December.”

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