Ascott Residence Trust (Ascott REIT)

Third REIT merger in a year in Singapore creates Asia-Pacific's largest hospitality trust

(July 8): No sooner had CapitaLand and Ascendas Singbridge completed an $11 billion merger on July 1 than the enlarged group announced the merger between CapitaLand’s two hospitality trusts — Ascott Residence Trust (ART) and Ascendas Hospitality Trust (AHT) — on July 3. The combined real estate investment trust will own 88 properties with 16,000 units in 39 cities in 15 countries valued at $7.6 billion.

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Ascott REIT acquires Sydney limited-service business hotel for $59 mil

SINGAPORE (Mar 27): Ascott Residence Trust (Ascott REIT) is acquiring Felix Hotel, a prime freehold limited-service business hotel near Sydney Airport for A$60.6 million ($58.8 million).

Completed and opened in February 2018, the 150-room property will be rebranded as Citadines Connect Sydney Airport upon completion of the acquisition in May.

This will be Ascott REIT’s first business hotel in Australia and its first property to be managed by its sponsor, The Ascott Limited (Ascott) under the new Citadines Connect brand.

Ascott REIT DPU grows 5% to 2.15 cents in 4Q, scores another record year of distributable income

SINGAPORE (Jan 29): The manager of Ascott Residence Trust (Ascott REIT) has declared a distribution per unit (DPU) of 2.15 cents for 4Q18, up 5% from 2.04 cents in 4Q17 due to higher revenue.

Revenue for 4Q grew 2% to $136.5 million from $134.5 million a year ago, mainly due to additional revenue from Ascott Orchard Singapore, which was acquired in Oct 2017, as well as higher revenue from existing properties.

Key markets with strong operating performance included the US, where demand and revenue grew from upgraded apartments at Sheraton Tribeca New York Hotel.

Ascott REIT good for stable income growth, but lacks catalysts: CGS-CIMB

SINGAPORE (Nov 2): CGS-CIMB Securities continues to rate Ascott Residence Trust (Ascott REIT) at “hold” at an unchanged $1.12 target price on limited re-rating catalysts, after the trust’s latest 9M DPU of 5.01 cents came in line with expectations.

Ascott REIT posts 8% higher 3Q DPU of 1.82 cents on revenue growth

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.

Ascott REIT’s maiden greenfield lyf project to enjoy higher yields

SINGAPORE (Sept 21): Ascott Residence Trust has acquired a prime greenfield site for $62.4 million for its maiden development project. It will build the first co-living property in Singapore’s research and innovation business hub, one-north, Nepal Hill.

The property, which will be branded and named as lyf one-north Singapore, has a total of 324 units. Lyf one-north is targeting to achieve Temporary Occupation Permit (TOP) by 2020 and open in 2021.

Ascott REIT to build 324-unit coliving property at $62.4 mil one-north site

SINGAPORE (Sept 20): Ascott Residence Trust (Ascott REIT) has acquired a prime greenfield site at one-north for $62.4 million to build its first co-living property.

To be named lyf one-north Singapore, the property will offer 324 units. It is slated to achieve Temporary Occupation Permit by 2020 and open in 2021.

The site is located at Nepal Hill, where there is a thriving research and innovation community comprising 400 companies, 800 startups and 50,000 professionals.

Acquisitions offset weak organic growth in Ascott REIT but is the selling overdone?

SINGAPORE (July 25): Ascott Residence Trust reported 2Q18 DPU of 1.84 cents. Adjusting for the realised forex gain of $11.9 million, 2Q18 DPU would have registered 13% y-o-y improvement, mainly due to four acquisitions in 2017: Ascott Orchard Singapore, two properties in Germany, and DoubleTree by Hilton Hotel New York.

Ascott REIT reports flat 2Q18 DPU of 1.84 cents despite higher revenue, gross profit

SINGAPORE (July 24): The manager of Ascott Residence Trust (Ascott REIT) reported a distribution per unit (DPU) of 1.84 cents in 2Q18 ended June, the same as that of 2Q17.

2Q18 revenue grew 6% year-on-year to $130.5 million, lifted by its acquisitions in 2017. Gross profit increased 7% to $63.1 million due to higher revenue. Revenue per available unit (RevPAU) rose 6% to $155 on the back of stronger demand and operating performance for Ascott Reit’s properties in markets such as Belgium, China and the United Kingdom.

Organic weakness and lower than expected income from recent buys to blame for ART's disappointing 1Q

SINGAPORE (Apr 19): Analysts were slightly disappointed with Ascott Residence Trust’s 1Q results which came in weaker than expected.

Revenue increased by $1.5 million or 1.4% y-o-y to $112.8 million mainly due to $8.3 million additional revenue from last year’s acquisitions, offset by a $4.0 million decrease in revenue from divestments and another $2.8 million from existing properties.

Last year, ART had acquired two German assets in May, its third US property in August, and Ascott Orchard Singapore in Oct.

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