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Ascott Reit reports full-year distributable income of S$114.8m

The trust's unitholders' distribution for the full year ended December 31 rose 15% on-year to a record high of S$114.8 million. But DPU for 2013 fell 4 per cent to 8.40 cents.

SINGAPORE: Ascott Residence Trust (Ascott Reit) has booked a record distributable income for 2013.

The trust's unitholders' distribution for the full year ended December 31 rose 15 per cent on-year to a record high of S$114.8 million.

But distribution per unit (DPU) for 2013 fell 4 per cent to 8.40 cents.

Excluding the effects from the rights issue in December 2013, Ascott Reit said DPU for FY2013 would have reached a historical high of 9.03 cents.

Revenue increased by 4 per cent to S$316.6 million in FY2013 compared to FY2012, mainly due to contributions from new properties acquired in 2012 and 2013. The new properties are located in China, Germany, Japan and Singapore.

Ascott Reit said it will further capture organic growth through asset enhancement programmes. These include converting 35 studios at Ascott Raffles Place Singapore into one-bedroom apartments to maximise the use of space due to the demand from long-stay guests.

The trust has also rebranded Somerset St Georges Terrace Perth into a Citadines property and is on track to complete the refurbishment of Citadines Ramblas Barcelona and Citadines Toison d'Or Brussels.

In the first half of 2014, the trust will begin the refurbishment of Somerset Olympic Tower Tianjin and the second phase of renovation for Somerset Xu Hui Shanghai. 

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