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Ascott Residence Trust's income down 56% to $32.6m

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It saw 21 of its properties close temporarily during the pandemic.

07.28.

Ascott Residence Trust’s (ART) distributable income crashed 56% YoY to $32.6m in H1, from $74.6m in H1 2019, the company revealed in a news release. Revenue fell 16% to $208.5m over the same period.

This was mainly attributed to the drop in contributions from selling Ascott Raffles Place Singapore and Somerset West Lake Hanoi, as well as weaker revenue from the existing portfolio.

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