Ascott Reit Q4 DPU dips

Singapore

HOSPITALITY Reit Ascott Residence Trust (Ascott Reit) reported a 7 per cent drop in its distribution per unit (DPU) to 1.93 Singapore cents for the fourth quarter ending Dec 31, 2016. This was from 2.07 cents a year ago, after the Singapore-listed real estate investment trust adjusted for a one-off item. Removing that one-off item, the DPU for the quarter still dipped, but by only one per cent to 2.04 cents.

Despite this, its balance sheet remains strong with revenue, profit and distributable income all up.

Gross revenue for the quarter increased by 6 per cent to S$126.75 million while gross profit for the quarter went up 3 per cent year on year to S$58.2 million.

Distributable income also rose; by 6 per cent to S$33.9 million, up from S$32.1 mil…