Ascott REIT achieves $12m in unitholders’ distribution for 3Q

Ascott Residence Trust (Ascott REIT) says it achieved a unitholders’ distribution of $11.8 million and DPU of 1.92 cents for the quarter ended Sept 30, 2009.

Ascott REIT’s annualised distribution yield is 6.7% based on the closing price of $1.09 per unit on October 27, 2009.

Lim Jit Poh, Ascott Residence Trust Management Limited’s (ARTML) Chairman, says: “The severe challenges posed by the global economic downturn to the hospitality industry have eased. Our 3Q operating performance has shown further signs of stabilisation in hospitality demand. While we remain cautious over the pace and extent of recovery, we are confident of the longer-term growth in the markets in which we operate.”

Chong Kee Hiong, ARTML’s Chief Executive Officer, says, “Ascott Reit’s portfolio operating performance continued to improve in the third quarter of 2009. The better performance was led by revenue per available unit (RevPAU) growth in Japan, Singapore and China of 24%, 15% and 7% 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.”

Comprising an initial asset portfolio of 12 strategically located properties in seven Pan-Asian cities, Ascott REIT was listed with an asset size of about $856 million. Ascott REIT’s portfolio has since expanded to $1.54 billion, comprising 38 properties with 3,644 units in 11 cities across seven countries.

Source : The Edge – 28 Oct 2009

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