Saturday, March 26, 2011

Ascott REIT Annual Report 2010

Just received the annual report for Ascott REIT. Here are the few pointers that I gleaned from the short report:

Firstly, Ascott REIT has enhanced it geographical diversification of its portfolio quite substantially. Compared to 2009 when it was in 11 cities across 7 countries, 2010 saw Ascott REIT increase its portfolio to 23 cities across 12 countries. Its wide geographical footprint is expected to allow it to enjoy diversification across property and economic cycles.

Secondly, Ascott REIT has almost doubled its asset size Its asset size increased 74% from $1.56b in 2009 to $2.71 b in 2010. This is quite a significant leap and should bode well for the REIT in the future. This strategic move to double its portfolio size should also lead it to deliver stable returns. For info, Ascott REIT's distribution per unit is as follows:

2006 - 6.37 cents (Annualised)
2007 - 7.70 cents
2008 - 8.78 cents
2009 - 7.32 cents
2010 - 7.54 cents

59% of 4Q 2010 Gross Profit arose from non-master lease and non-guaranteed income while 41% arose from master lease and guarantee income. The masters leases are from France, Germany, and Phiippines while the minimum guaranteed income is derived through serviced residence management contracts from the United Kingdom, Belgium, Spain and Vietnam.

The 12 countries that Ascott REITs footprint extends to includes Singapore, Indonesia, Australia, Vietnam, Philippines, Japan, China, Belgium, Germany, France, Spain, United Kingdom.


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