Ascott Residence Trust’s (Ascott Reit) revenue for Q1 2014 increased by 16 percent to $80.4 million compared to the same period last year.
Gross profit also grew 16 percent to $39.2 million in the quarter.
The revenue increase is due mostly to the additional $7.9 million from Ascott Reit’s acquisitions in 2013 and a contribution of $4.3 million from existing properties mainly in the UK, France, Germany and Vietnam.
In Q1, Ascott Reit acquired its first serviced residence in Dalian, China (pictured) and a second property in Fukuoka, Japan.
Revenue per available unit (RevPAU) for Japan, the UK and Belgium also rose 18 percent, 13 percent and 11 percent respectively.
Credits: Property Guru