Ascott Residence Trust reported financial results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported revenue of SGD 126.7 million compared to SGD 119.2 million a year ago. Revenue for fourth quarter 2016 increased mainly due to the additional revenue of SGD 11.9 million from Ascott Reit's acquisition of Sheraton Tribeca New York Hotel in 2016. The increase was partially offset by a decrease in revenue of SGD 4.4 million from the existing properties, mainly in China and United Kingdom (due to depreciation of pound against Singapore dollar). Gross profit for the quarter went up 3% year on year to SGD 58.2 million. Distributable income also rose by 6% to SGD 33.9 million, up from SGD 32.1 million the year before. For the year, the company reported revenue of SGD 475.6 million compared to SGD 421.1 million a year ago. Revenue for fiscal year 2016 increased mainly due to the additional contribution of SGD 75.9 million from Ascott Reit's acquisitions in 2015 and 2016. The increase was partially offset by a decrease in revenue of SGD 2.5 million from the divestment of six rental housing properties in third quarter 2015 and a decrease in revenue of SGD 18.9 million from the existing properties. Distributable income for Fiscal Year 2016 grew 9% to SGD 135 million, while DPU rose 4% to 8.27 Singapore cents. Gross profit was SGD 222.2 million against SGD 204.6 million a year ago.