10
Ascott Residence Trust
Annual Report 2015
Year in Brief 2015
• Ascott Reit announced its maiden investment in
the United States of America (US) through the
acquisition of the 411-unit Element New York Times
Square West hotel located in Midtown Manhattan for
US$163.5 million (S$220.7 million). The acquisition
was completed on 19 August 2015.
• Ascott Reit issued a seven-year JPY7.3 billion
(S$84.0 million) fixed rate notes at 1.17% per annum.
• Ascott Reit achieved Unitholders’ distribution of
S$32.3 million for 2Q 2015.
• Ascott Reit completed the second phase of AEI
at Somerset Xu Hui Shanghai, resulting in a 35%
increase in ADR of the refurbished apartment units.
• Ascott Reit was admitted to the FTSE EPRA/NAREIT
Emerging Index.
• Ascott Reit successfully divested six rental housing
properties in the regional cities of Saga, Sendai
and Kyoto in Japan for JPY4.5 billion, 13% higher
than the latest valuation of the properties as at
30 June 2015. The net gain from the divestment
was JPY291.7 million (S$3.5 million).
• Ascott Reit was awarded “Best REIT, Asia” by World
Finance Magazine at its Real Estate Awards 2015.
• Ascott Reit achieved Unitholders’ distribution of
S$32.0 million for 3Q 2015.
• Ascott Reit completed the AEI of Somerset Olympic
Tower Property Tianjin, resulting in a 30% increase in
ADR of the refurbished apartment units.
• Ascott Reit successfully divested 71 apartment
units in Salcedo Residences in the Philippines for
PHP240.0 million (S$7.2 million). The net gain from
the divestment was PHP214.1 million (S$6.4 million).
• Ascott Reit issued a seven-year S$200.0 million
fixed rate notes at 4.21% per annum. The Singapore
dollar proceeds of the notes have subsequently been
swapped into Euros at a fixed interest rate of 1.81%
per annum.
• Ascott Residence Trust (Ascott Reit) achieved a record
high Unitholders’ distribution of S$125.6 million and
Distribution Per Unit of 8.20 cents for FY 2014.
• Ascott Reit received a Baa3 issuer rating in place of
its Baa3 corporate family rating by Moody’s Investors
Service, Inc. This recognised the trust’s stable and
healthy financial profile, supported by a track record
of prudent financial management.
• Ascott Reit achieved Unitholders’ distribution of
S$27.0 million for 1Q 2015.
• Ascott Reit completed the first phase of Asset
Enhancement Initiatives (AEI) at Somerset Ho Chi
Minh City, resulting in a 27% increase in Average
Daily Rates (ADR) of the refurbished apartment units.
• Ascott Reit successfully raised S$250.0 million
from its issuance of perpetual securities at a fixed
distribution rate of 4.68% per annum. The perpetual
securities received strong investor participation with
orders more than four times oversubscribed.
• Ascott Reit announced the acquisition of three
quality serviced residences and four rental housing
properties in Australia and Japan for S$298.3 million.
o The 380-unit Citadines on Bourke Melbourne for
A$158.5 million (S$167.6 million),
o The remaining 40.0% interest in the 160-unit
Citadines Shinjuku Tokyo for JPY3.0 billion
(S$33.7 million),
o The remaining 40.0% interest in the 124-unit
Citadines Karasuma-Gojo Kyoto for JPY1.4 billion
(S$16.0 million), and
o Four rental housing properties in Osaka for
JPY7.3 billion (S$81.0 million).
The acquisition was completed on 31 July 2015.
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