Ascott Reit reports 4% fall in Q3 DPU to 1.85 cents

Ascott Residence Trust (Ascott Reit) on Friday said its its third-quarter distribution per unit (DPU) dipped 4 per cent on-year to 1.85 Singapore cents.

This is compared to 1.92 Singapore cents for the same period a year ago.

Ascott Reit said this is due to the some 420 million new units issued in September this year to fund the acquisition of 28 properties in Asia and Europe.

It added that excluding the new private placement units, the DPU would be 1.93 cents, representing an increase of 1 per cent on-year.

Meanwhile, Ascott Reit’s distributable income has also edged up 1 per cent to S$12 million for the same three-month period.

Ascott Reit said that it will continue to seek opportunities in Singapore, China, Vietnam and the UK and will also explore opportunities in new emerging markets.

Going forward, Ascott Reit expects two refurbished Singapore properties and the newly-acquired Citadines Mount Sophia to benefit from the strong economy and a vibrant hospitality market.

It also expects rental growth to be led by the UK properties in Europe.

Ascott’s portfolio now comprises 65 properties with 6,681 apartment units in 12 countries and 23 cities across Asia Pacific and Europe.

Source : Channel NewsAsia – 22 Oct 2010

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