Ascott Residence Trust projects 80-90% revenue plunge

It expects its revenue per available unit (RevPAU) to remain under pressure.

Ascott Residence Trust’s (ART) total return for the first half of 2020 is projected to plummet 80-90% from the $212.5m recorded for H1 2019 as the company faces adverse impact from travel restrictions, the company said in a profit guidance.

At the same time, ART’s available income for distribution for the six months is expected to drop 55-65% from the $74.6m in H1 2019. Distribution per stapled security is also expected to slip 65-75% from the $0.0343 recorded in H1 2019.

The company cited data from the World Tourism Organization (UNWTO) showing that international tourist arrivals fell 44% YoY from January to April and plunged 97% in April 2020, leading to a reduction in the demand for accommodation globally in H1 2020.

Further, even as countries begin to ease movement restrictions and restart their economies, most international borders still remain closed.

“Extensive global travel restrictions, however, have brought travel to a standstill and impacted occupancies significantly. As the timing of a full recovery remains uncertain, we expect the RevPAU of our properties to remain under pressure in the near term,” the company said.

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