Not vested. From OCBC:-
Why Ascott Residence Trust?
We expect a pick-up in RevPAU in three of ART's major markets - Singapore, China and Australia - this year itself.
ART is likely to enjoy strong earnings recovery over 2010 and 2011 on the back of increasing business confidence and a revival of corporate travel.
The recent acquisitions announced by peer CDREIT indicates scope for distressed or at least stressed acquisitions in the hospitality space. With the easing of credit conditions and the re-rating of equity markets versus a year ago, we believe ART could make an accretive purchase using a combination of both debt and equity (potentially improving free float).