Ascott Residence Trust, a serviced residence real estate investment trust, on Tuesday reported a 28 percent drop in third-quarter distribution per unit (DPU).
DPU declined due to a one-off realised exchange gain in third-quarter 2016 and a rights issue, which was completed in April 2017, the company said.
DPU fell to 1.69 Singapore cents in the three months ended September 30 from 2.35 Singapore cents in the year-ago period, the company said in a regulatory filing.
Distribution slipped 6 percent to S$36.3 million in the quarter.
For the quarter, gross revenue grew 2 percent to S$126.9 million from the preceding year. Gross profit increased 3 percent to S$58.75 million from the previous year.
RevPAU or revenue per available unit, a key metric for REITs, for markets such as Belgium, Spain and United Kingdom jumped 43 percent, 8 percent and 5 percent in the third-quarter due to greater demand from leisure travellers.
In Asia, RevPAU for the Philippines climbed 17 percent due to higher demand for the renovated Ascott Makati and Somerset Millennium Makati.
RevPAU for Vietnam grew 8 percent, contributed by stronger corporate demand for the refurbished apartments at Somerset Ho Chi Minh City.
Shares in the company fell 0.4 percent to S$1.22 on the Singapore Exchange. The stock has risen 13 percent so far this year.