Ascott Orchard Singapore (Photo: Ascott REIT)

Ascott REIT has reported distribution per unit (DPU) of 1.84 cents for its 2Q 2018, unchanged from what was recorded in the corresponding period of 2017.

However, DPU for the period would have increased 13% if a one-off item for 2Q 2017 was excluded.

Ascott REIT had included this one-off item, a realised exchange gain of SGD11.9 (USD8.7 million) arising from the repayment of foreign currency bank loans, for its 2017 results.

The REIT’s gross revenue for 2Q 2018 increased by 6% year-on-year to SGD130.5 million, while net property income increased 7% to SGD63.1 million.

Meanwhile, Revenue per available unit (RevPAU) rose 6% to SGD155.

“In 2Q 2018, higher demand boosted our revenue and gross profit in the US and the United Kingdom, particularly for our newly renovated Citadines Barbican London”, said Beh Siew Kim, CEO of the REIT’s manager.

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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.