ASCOTT Residence Trust (ART), which owns serviced apartments, yesterday announced distributable income of $12.8 million for the fourth quarter, boosted by new acquisitions and strong operating performance.
The distribution for the three months ended Dec 31, 2007 is 16 per cent better than its forecast and 54 per cent up year-on-year.Distribution per unit for the quarter was 2.12 cents, 16 per cent higher than projected and a rise of 28 per cent year-on-year.
The quarter's results brought full-year distributable income to $45.1 million, 12 per cent better than forecast.
Full-year distribution is 7.7 cents per unit, 9 per cent higher than projected. Revenue for the quarter came to $42.9 million, beating ART's projection by 10 per cent and 47 per cent higher year-on-year. Full- year revenue was $154.8 million, beating projection by 7 per cent.
Revenue was higher on new acquisitions and greater income stability through increased diversification, especially into rental housing which now makes up 22 per cent of its portfolio.
ART recognised a revaluation surplus of $136.9 million (net of tax and minority interest). The group's net asset value per unit as at Dec 31, 2007, was $1.60, up from $1.33 a year ago.
ART is a Pan-Asian serviced residence real estate investment trust managed by Ascott Residence Trust Management Limited (ARTML), a subsidiary of The Ascott Group.
It was launched in March 2006 with an initial portfolio of 12 properties across Asia. Upon the completion of its latest acquisition in Perth, its portfolio will expand to 37 properties in 11 cities, valued at $1.52 billion.
Lim Jit Poh, chairman of ARTML, said: 'We will continue to pursue organic and acquisition growth to deliver growing and stable income to unit-holders. We remain focused on achieving our target total asset portfolio of $2 billion by end-2008.'
The trust said that operating performance this year is expected to grow.
ART yesterday closed at $1.18, up one cent.
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