Ascott Residence Trust (Ascott REIT)

Ascott REIT 3Q DPU falls 28% to 1.69 cents on one-off items

SINGAPORE (Oct 24): The manager of Ascott Residence Trust (Ascott REIT) has declared a distribution per unit (DPU) of 1.69 cents for the 3Q ended September, down 28% from 2.35 cents a year ago.

However, adjusted for one-off items, rights issues and equity placement, DPU would have risen by 1% to 2.18 cents, compared to adjusted DPU of 2.15 cents a year ago.

Ascott REIT 1H DPU drops 13% to 3.356 cents

SINGAPORE (July 20): The manager of Ascott Residence Trust (Ascott REIT) has declared a distribution per unit (DPU) of 3.356 cents for 1H17 ended June, a 13% decrease from 3.88 cents last year.

Ascott Residence Trust Management says 1H17 DPU would have increased by 6% to 3.74 cents if the one-off items, the effects of rights issue and equity placement, as well as contribution from Sheraton Tribeca New York Hotel for 1Q17 were excluded.

Sheraton acquisition, Japan divestment, part of Ascott REIT’s strategic recycling

SINGAPORE (April 24): OCBC is viewing the divestment of 18 rental housing properties in Japan by Ascott Residence Trust positively given that it is a strategic recycling of assets.

The research house is thus reducing its fair value to $1.09 with a “hold” after tweaking its RevPAU growth assumptions for the various markets.

“We assume the divestment of the 18 rental housing properties in Japan will be completed in Mid-May, and adjust our revenue and gross profit assumptions accordingly,” says lead analyst Deborah Ong in a Monday report.

Ascott REIT declares lower 1Q DPU of 1.51 cents

SINGAPORE (April 21): The manager of Ascott Residence Trust (Ascott REIT) is declaring a DPU of 1.51 cents for 1Q17, 14% lower than the DPU of 1.75 cents a year ago.

Ascott REIT rights issue 1.8 times subscribed

SINGAPORE (April 4): The manager of Ascott Residence Trust announced its rights issue was 1.8 times subscribed.

In a filing on Tuesday night, the manager said valid acceptances and excess applications representing a total of 874.6 million right units were received at the close of the rights issue on March 31 compared to 481.7 million rights units available under the rights issue.

The valid acceptances received include the acceptances by The Ascott, through its wholly-owned subsidiaries, being Somerset Capital and Ascott Residence Trust Management.

Stand down on Ascott REIT in wake of rights issue and acquisitions

SINGAPORE (March 8): UOB Kay Hian has downgraded its call on Ascott Residence Trust (Ascott REIT) to “hold” from “buy” previously, following Tuesday’s announcement of its $442.7 million rights issue to acquire Ascott Orchard Singapore, Citadines City Centre Frankfurt and Citadines Michel Hamburg.

Ascott REIT launches 91.9 cents/share rights to fund Singapore and Germany acquisitions

SINGAPORE (March 7): Ascott Residence Trust has launched a fully underwritten renounceable rights issue to raise $442.7 million.

The proceeds will be used to partly fund Ascott REIT’s acquisition of its first property in Frankfurt and its second in Hamburg from The Ascott for €65.4 million ($97.2 million).

The acquisitions of the two operating serviced residences, Citadines City Centre Frankfurt and Citadines Michel Hamburg, are accretive at an EBITDA yield of 5.4%.

‘Business as usual’ for Ascott REIT post-Brexit

SINGAPORE (Sept 15): Daiwa Capital Markets is keeping its “outperform” rating on Ascott Residence Trust (Ascott REIT) with an unchanged target price of $1.24, amid “business as usual” for the REIT in the UK post-Brexit.

With Ascott REIT’s UK occupancy rates remaining in the healthy range of between 85-90%, the management is looking out for potential acquisitions there, according to Daiwa analyst David Lum.

“Management is hopeful of some distressed-sale opportunities as some property funds could face redemption pressure,” says Lum in a Wednesday report.

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