- FY08 DPU of 8.78 cents is in line our projections, representing 98% of our full year DPU projection of 9.0 cents. Overall, RevPAU grew from S$132 in 2007 to S$145 in 2008. However, the slowing economy has begun to impact the demand for serviced residences in China (-15% yoy drop in RevPAU for 4Q08) and Philippines (-4% yoy drop in RevPAU for 4Q08). Currently ART's length of stay is more than 7 months on average, which will provide a certain degree of earnings visibility.

-Ascott REIT successully refinanced S$202m in bank borrowings; with more than 80% of loans only due in 2011 and beyond. Gearing remains comforatble at 38.3%.

- Managment guided that operating performance in 2009 is expected to remain profitable but lower than 2008 due to the economic downturn. Ascott REIT will continue to apply cost containment measures as well as control discretionary capital expenditure to maximise asset yield. They will also continue to be prudent and apply a conservative apporach in managing their balance sheet.