Ascott Residence Trust's Citadines City Centre Frankfurt. (Photo: Ascott Residence Trust)

Ascott Residence Trust (Ascott REIT) has reported a DPU of 1.69 Singapore cents for its 3Q 2017, a fall of 28% compared to the 2.35 cents achieved in the corresponding period of the previous financial year.

However after adjusting for a one-off realised foreign exchange gain, effects of rights issue in March 2017, and an equity placement in March 2016, the REIT’s DPU for 3Q 2017 would have been an increase of 1%.

Ascott REIT’s revenue for the quarter rose by 2% to SGD127 million, while its gross profit increased by 3% to SGD58.8 million.

Subsequently, the REIT’s unitholder’s distribution slid by 6% to SGD36.3 million, although RevPAU improved by 2% to SGD140.

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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.