Ascott Residence Trust’s profit jumps by 13% to $48.6m

On back of its new acquisitions last year.

Reaping time has come for Ascott Residence Trust’s acquisitions last year, as its earnings grew by 17% to $105.5m, mainly boosted by its first acquisition in New York last year.

According to a press release by Ascott, unitholders’ distribution for 1Q16 inched up by 1% to $27.3m, and DPU was 1.75 cents.

“In March 2016, Ascott Reit raised S$100 million through an equity placement by issuing 94.8 million new units at a price of S$1.055 per unit to partly fund its second acquisition in New York,” Ascott said.

According to Lim Jit Poh, Ascott Residence Trust Management Limited's chairman, Ascott Reit’s asset size will continue to expand to $5.4b next year, with the acquisition of Ascott Orchard Singapore.

“We remain committed to deliver stable and growing returns to Unitholders. Ascott Reit is now not only the largest hospitality real estate investment trust listed in Singapore by asset size, it also has the most diversified portfolio across 38 cities and 14 countries,” he added.