Thanks to better overseas performance.
According to OCBC, Ascott Residence Trust’s (ART) 3Q12 revenue increased by 6% YoY to S$77.4m, chiefly due to the contribution of Citadines Shinjuku and Citadines Kyoto, and better performance in the UK and China.
Here's more from OCBC:
Gross profit rose by 2% YoY to S$40.7m. 3Q12 DPU inched up 0.4% to 2.24 S cents. YTD 2012 DPU of 6.76 S cents is in-line with our expectations, forming 77% of our prior FY12 estimate of 8.8 S cents, which we now raise to 8.9 S cents.
The portfolio will be enlarged by the acquisition of Madison Hamburg in 4Q12.
Revenue per available unit (RevPAU) for the serviced residences (SRs) grew by 1% to S$148/day. In the UK, RevPAU grew by 9% YoY to S$228.
The refurbished Citadines Prestige Trafalgar Square commanded higher rates. In China, RevPAU grew by 15% YoY to S$125, partly due to better demand for the refurbished apartments of Somerset Olympic Tower.
There was weakness in France, Australia and Singapore. Revenue and gross profit in France fell 6% and 7% in S$ terms, however, in EUR terms, they had increased by 6% and 4% respectively.
On a same-store basis, Australia saw RevPAU fall 2%. Singapore's RevPAU dropped 4% arising from the then-impending closure of Somerset Grand Cairnhill on 27 Sep.
As of Jul 2012, Somerset Salcedo Property Makati was renamed Salcedo Residences after conversion from a master lease arrangement to a management contract.
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