SINGAPORE (Nov 1): The manager of Ascott Residence Trust (Ascott REIT) has reported 3Q18 distribution per unit (DPU) of 1.82 cents, rising 8% from 1.69 cents in 3Q17 on higher revenue.  

Revenue for the quarter grew 6% to $134.5 million from a year ago, mainly underpinned by additional revenue from Ascott Orchard Singapore and DoubleTree by Hilton Hotel New York – Times Square South that were acquired in 2017, as well as higher revenue from existing properties.

Gross profit grew 9% to $64.15 million from $58.75 million a year ago, largely comprising contributions from serviced residences on management contracts, followed by serviced residences on master leases and lastly, serviced residences on management contracts with minimum guaranteed income.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook