Ascott Residence Trust provided earnings guidance for the fiscal year ending 31 December 2020. For the period, the company expects to record a decline in the value of its portfolio of approximately 6% to 8%, resulting in unrealised fair value losses of SGD 325 million to SGD 345 million (net of tax and non-controlling interests). This will result in a negative Total Return for Fiscal Year 2020 compared to the Total Return of SGD 216.3 million reported in Fiscal Year 2019, and a corresponding effect on ART's Net Asset Value as at 31 December 2020. The unrealised fair value losses, which are non-cash in nature, will not have any impact on ART's income available for distribution. ART's income available for distribution for Fiscal Year 2020 is expected to reduce by 40% to 50% from the SGD 165.6 million recorded for the financial year ended 31 December 2019.