Singapore-listed Hospitality REIT Ascott Residence Trust (Ascott REIT) (SGX: A68U) has announced a 17 per cent surge in distributable income for its 3Q 2013. Figure for the quarter came in at S$30 million.

Ascott REIT has attributed higher revenue numbers for the quarter to an increased portfolio

Accordingly DPU for 3Q 2013 grew 6 per cent to 2.37 cents. The strong results come on the back of healthy revenue growth which increased 11 per cent quarter-on-quarter to S$86.1 million in 3Q 2013 as compared to S$77.4 from the same period last year.

The REIT has attributed the results primarily to contributions from 17 new properties acquired in the second half of 2012 and June 2013. These new hotel and serviced residences properties are located in China, Germany, Japan and Singapore.

In line with the increase in revenue, gross profit grew 10% to S$44.8 million in 3Q 2013. REITSWEEK will be covering this story in greater detail in our next issue.

Units of Ascott REIT are currently trading slightly up by about one per cent at S$1.30 on the Singapore Exchange.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.