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Ascott Residence Trust Q4 adjusted DPU up 13% to 1.76 cents; H2 distribution 4.264 cents
SERVICED residence player Ascott Residence Trust reported an adjusted distribution per unit (DPU) of 1.76 cents for its fourth quarter ended Dec 31, 2014, up 13 per cent from 1.56 cents a year ago. The adjustments took into account a rights issue in end-2013 and one-off items.
Higher distributable income was due to higher revenue as a result of acquisitions, and lower finance costs.
The real estate investment trust (Reit), which pays distributions semi-annually, will distribute 4.264 cents per unit for its second half of 2014, including a return of capital of 1.112 cents per unit.
Adjusting for a rights issue and one-off items, Ascott will pay out 7.61 cents per unit for 2014, up 6 per cent from 7.19 cents a year ago.
This works out to a yield of 6 per cent on its last traded price of S$1.27.
Net asset value at end-2014 was S$1.37, up from S$1.35 cents a quarter ago. This means the Reit is trading at a price-to-book ratio of 0.93 times.