ART also performed well in its first financial year. Its net distributable income was S$22.7 million for the period 31 March to 31 December 2006, representing an 8% increase above forecast. Annualised distribution per unit (DPU) was 6.37 cents, 4% above forecast. Revenue and gross profit were 3% and 7% above forecast, at S$81.4 million and S$38.5 million respectively. The 135% appreciation in ART’s unit price in 2006, which closed at S$1.60 at year-end, also clearly demonstrates investors’ confidence in ART and its proven ability to execute its acquisition strategy.

Strong demand for quality serviced residences arising from the positive economic and business conditions in the Asia Pacific region has allowed ART to deliver a higher than forecast annualised DPU for 2006. Going forward, ART will continue to source for yield-accretive acquisitions to deliver stable and sustainable distributions to unitholders and expects to achieve a target portfolio value of about S$2 billion by end-2008.