Ascott REIT has reported a distribution per unit (DPU) of 2.04 Singapore cents for its 4Q 2017, unchanged from what was achieved in the corresponding period of the previous financial year.
The hospitality REIT’s gross revenue for 4Q 2017 increased by 6% year-on-year to SGD134.5 million (USD102 million) while net property income (NPI) similarly rose by 6% to SGD61.8 million.
Correspondingly its distributable income increased by 30% to SGD43.9 million, including a one-off distribution of SGD6.5 million, which is part of the gain from the divestment of Citadines Biyun Shanghai and Citadines Gaoxin Xi’an in China.
Ascott REIT’s DPU for FY 2017 was registered at 7.09 cents, a fall of 14% from the 8.27 cents achieved in FY 2016.
However the REIT’s DPU for the year would have shown an increase of 5% when adjusted for the one-off anomalies including the effects of the rights issue, and equity placement in March 2016 to fund the acquisition of Sheraton Tribeca New York Hotel.
Ascott REIT’s overall RevPAR increased by 5% year-on-year to SGD155 for 4Q 2017, and by 3% to SGD144 for FY 2017.