Ascott Reit announces DPU of 8.53 cents for 2011

Ascott Residence Trust (Ascott Reit) has announced a distribution per unit of 8.53 cents for the full year in 2011.

That is up by 13 per cent on-year, better than its own forecast.

Revenue meanwhile increased by 39 per cent on-year to S$288.7 million.

Ascott Reit said the better results were mainly due to strong performance of its properties.

Despite the cloudy outlook for this year, it remains positive about its prospects.

Chong Kee Hiong, chief executive officer of Ascott Reit, said: “In uncertain times like in 2012, the more we have to look at operating numbers, and also look at when we renovate our properties so that we can catch the upside.

“We generally renovate and refurbish the properties when the market is down and capture the upside when we complete the renovation in the upmarket.”

Source : Channel NewsAsia – 19 Jan 2012