Ascott Residence Trust (Ascott REIT) has achieved a DPU of 2.35 Singapore cents for its 3Q 2016, an increase of 14% year-on-year from the 2.07 cents recorded in the corresponding period of 2015.

This is the highest DPU registered in the past three years for Ascott REIT.

Gross revenue for the quarter increased by 9% to SGD123.9 million, while gross profit climbed by 4% to SGD57.5 million, and revenue per available unit (RevPAU) went up 2% to SGD144.

Correspondingly unitholders’ distribution increased by 21% to SGD38.7 million.

“Unitholders’ distribution of SGD38.7 million is the highest ever in any quarter, driven by the quality assets Ascott REIT acquired in the last two years”, said Bob Tan, Chairman of the REIT’s manager.

He added that the REIT’s properties in New York, which feature an average occupancy of over 90%, are the biggest contributors to its performance for the quarter.

“We will continue to seek accretive acquisitions in gateway cities, in markets such as Australia, Japan, Europe and the US”, said Tan, who also highlighted that the REIT will complete the acquisition of Ascott Orchard Singapore by 2017.

The REIT’s gearing as at 30 September 2016 remained unchanged from the previous quarter at 41%, while its weighted average debt to maturity was at 4.6 years.

Units of Ascott REIT finished the trading day unchanged from its previous close on the Singapore Exchange at SGD1.135.