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It was driven by acquisitions in Singapore and Germany in 2017.
The Ascott Residence Trust (Ascott REIT) revenue rose 6% year-over-year to 130, $ 5 million in Q2 2018 thanks to the acquisitions of 2017, reveals an announcement. Its gross profit increased 7% to $ 63.1 million thanks to higher revenues.
In 2017, the group acquired assets including Ascott Orchard Singapore, Citadines City Center Frankfurt and Citadines Michel Hamburg. "We will continue to seek accretive acquisitions to support growth, while maintaining a balanced portfolio that provides stable revenue through leasing and management contracts with a minimum of capitalization." Bob Tan, Chairman of the Board Ascott Residence Trust Management Limited (ARTML), said:
See also: Ascott REIT's 1st quarter results have suffered from weak business demand in Singapore [http://wwwamarillandandhighestoperationalperformanceofthebusinesstradeOthermarketssuchasChinaandtheUnitedKingdomhaveadvancedthe6%increaseindisposablecapacity(RevPAU)to$155shesaidSheaddedthatChinesepropertieshavefaredwellTotalgrossrevenuesandprofitsweregeneratedbythecompanysaleoftwolower-yieldingbuildingsinShang
In the second quarter, the distribution of unitholders was $ 39.8 million and the unit distribution was $ 0.184. ] "DPU for 2T 2018 would have increased by 13% if the exceptional item for 2T 2017 was excluded," the firm said. "The outstanding item was a realized exchange gain of $ 11.9 million resulting from the repayment of bank loans in foreign currencies with the proceeds of the rights issue of Ascott Reit."
Beh revealed that some of his properties are being improved increasing the call to increase their rates. Citadines Arnulfpark Munich and Sheraton Tribeca New York Hotel have recently completed their renovation
Meanwhile improvements for Ascott Makati, Citadines Trocadero Paris, Somerset Grand Hanoi, Somerset Grand Citra Jakarta are still underway [19659002Withrespecttocapitalmanagementwewillcontinuetoactivelymonitorthemarketanduseappropriatefinancingandcapitalhedgingstrategiestomanageinterestratesandforeignexchangerisks"hesaidMrBeh
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