Ascott REIT's property in Singapore, Ascott Raffles Place. (Photo: REITsWeek)Ascott REIT's property in Singapore, Ascott Raffles Place. (Photo: REITsWeek)

Ascott REIT has reported a distribution per unit (DPU) of 1.35 Singapore cents for its 1Q 2018, a fall of 11% from the 1.51 cents achieved in the corresponding period of 2017.

However, after adjusting for one-off items, and taking Ascott REIT’s rights issue in April 2017 into account, the DPU figures would have been 1.28 cents for 1Q 2018, over 1Q 2017’s 1.17 cents, which is an increase of 9%.

Accordingly, the hospitality REIT’s distributable income for the period rose 16% to SGD29.2 million (USD22 million) due to contributions from acquisitions in 2017, and a realised exchange gain of SGD1.6 million arising from its China divestments.

Ascott REIT’s net property income (NPI) increased by 3% to SGD48.7 million, while its gross revenue grew by 1% to SGD112.8 million.

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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.