Hotel Sunroute Osaka Namba (Photo: Ascendas Hospitality Trust)

Ascendas Hospitality Trust has posted a distribution per stapled security (DPS) of 1.42 Singapore cents for its 2Q FY17/18, an increase of 2.9% over the 1.38 cents recorded for the corresponding period of the previous financial year.

Correspondingly, the trust reported a year-on-year growth in gross revenue and net property income of 5.2% and 0.8% respectively, while income available for distribution grew by 5.3% to SGD17.2 million.

The overall improvement in gross revenue across the portfolio was further lifted by the appreciation of the AUD against the SGD, although it was partially offset by a weaker JPY against the SGD, said the trust.

“Most of the hotels in the Australia portfolio recorded higher room revenue and also posted stronger performance for conferences and events business”, said Ascendas Hospitality Trust, adding that performance of its China portfolio has also improved from healthy public demand.

However the marginal improvement posted by its Japan properties were negated by a weaker JPY.

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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.