Ascott Residence Trust’s 1H15 Unitholders’ Distribution Slips 1.5%

Ascott Residence Trust announced 1H15 revenue of $188.7 million representing a 12 percent increase from the same period last year, while amount distributable to unitholders fell marginally by 1.5 percent to $59.3 million.

Revenue increased mainly due to additional contribution of $24.7 million from the nine properties acquired in 2014, while revenue contribution from existing properties decreased $4.1 million and the expiry of the deed of yield protection for Somerset West Lake Hanoi resulted in a decrease of $0.4 million. Profitability was eroded by higher depreciation and amortisation charges as well as increased staff costs.

Revenue per available unit decreased $9 to $122, mainly due to weaker performance from Singapore and Philippines and lower average daily rate from the properties acquired in 2014.

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