Ascott Residence Trust (Ascott REIT)

Ascott REIT posts 5% rise in 3Q DPU on one-off gain from divestment

SINGAPORE (Oct 30): The manager of Ascott Residence Trust has reported a 5% rise in distribution per unit (DPU) to 1.91 cents for the 3Q19 ended September, from 1.82 cents a year ago.

Unitholders’ distribution for 3Q19 grew 6% to $41.6 million, led by a one-off partial distribution of a $4.0 million gain from the divestment of Ascott Raffles Place Singapore in May 2019.

3Q19 revenue dipped 2% to $132.4 million due to the absence of revenue contribution from Ascott Raffles Place Singapore as a result of the divestment.

IMF cuts growth forecast but MAS expects recovery; Kimly buys canteens

SINGAPORE (Oct 28): The International Monetary Fund has slashed its 2019 growth prediction for Singapore to 0.5%, down from its July estimate of 2%. This is IMF’s second downward revision for the city state; in its World Economic Outlook report in April, it had forecast a growth of 2.3%.

The situation is not expected to get much better next year, either. “Growth is projected to remain subdued at 1% in 2020, given Singapore’s dependence on external trade,” Jonathan Ostry, Deputy Director of the IMF’s Asia and Pacific department says at a press conference on Oct 23.


Ascott Residence Trust, Ascendas Hospitality Trust get over 99% approval from unitholders for proposed combination

SINGAPORE (Oct 22): The unitholders of Ascott Residence Trust (Ascott REIT) and Ascendas Hospitality Trust (A-HTRUST) have voted overwhelmingly in support of the proposed combination of the two hospitality real estate investment trusts.

At their respective extraordinary general meetings (EGMs) and scheme meetings on Monday, Ascott REIT and A-HTRUST received strong approval of over 99% of the total number of votes from unitholders.

Ascott REIT declares 8% higher 2Q DPU of 1.98 cents on higher sales

SINGAPORE (July 30): The manager of Ascott Residence Trust’s (Ascott REIT) has announced 2Q19 distribution per unit (DPU) 1.98 cents, up 8% from a year ago.

Ascott Residence Trust Management Limited (ARTML) says unitholders’ distribution for the quarter also increased 8% to $43.1 million. This included a realised exchange gain of $3.1 million arising from the repayment of foreign currency bank loans with the divestment proceeds from Ascott Raffles Place Singapore.

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.


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.

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