Ascott Residence Trust posts 14% DPS growth in H1 22

Its distribution per stapled security went up to $0.0233.

The distribution per stapled security of Ascott Residence Trust (ART) increased by 14% in the first half (H1) of 2022 compared to the same period last year, as the firm’s growth was driven by global travel recovery.

In a financial report, the firm announced that its DPS went up to  $0.0233 compared to H1 2021. Its total distribution also went up 20% to $76.7m compared to H1 2021.

Its revenue also grew 45% to $267.4m compared to 1H 2021 due to “higher revenue from ART’s existing portfolio, contributions from its expanded portfolio of longer-stay assets comprising student accommodation and rental housing properties, as well as from the newly opened lyf one-north Singapore.”

ART Management Limited Chairman Bob Tan said the residences and hotels posted growth income due to the recovery in global travel.

“This builds upon the steady income stream from our strong foundation of longer-stay assets. ART’s diversified and resilient portfolio remains poised for further growth. In addition, our robust financial position gives us the capacity to achieve our asset allocation target of 25-30% in longer-stay assets and 70-75% of our portfolio in serviced residences and hotels,” he further explained.