CapitaLand Ascott Trust Q1 distribution income ‘relatively stable’; RevPAU up 1% at S$137

[SINGAPORE] The manager of CapitaLand Ascott Trust (Clas) on Monday (Apr 27) announced that its distribution income was “relatively stable” for its first quarter ended March.

This came as the distribution of past divestment gains mitigated the impact of closures due to ongoing renovations at The Cavendish London and The Madison Hotel Hamburg.

Excluding The Cavendish London as well as acquisitions and divestments in 2025, Q1’s actual portfolio revenue per available unit (RevPAU) rose 1 per cent year on year to S$137 across markets, while occupancy rate stood at 77 per cent.

This was led by the Australia market, which posted a 7 per cent year-on-year increase in RevPAU to A$188 (S$172) from A$175 previously, on an actual basis.

This came amid higher average daily rates led by increased demand due to events, such as Ashes cricket matches and Ed Sheeran concerts.

Singapore portfolio’s RevPAU for properties rose 2 per cent on the year to S$187 on an actual basis from S$183 previously, driven by higher occupancy and stronger demand during the biennial Singapore Airshow.

For Q1, the manager said Clas’ profit experienced a “negative net impact” from acquisitions, divestments and other ongoing asset enhancement initiatives.

Interest savings from the repayment of higher-interest debt in Q2, through the use of proceeds from the Citadines Central Shinjuku Tokyo divestment, is expected to mitigate the income lost through divestments and ongoing AEIs, the manager said.

For the quarter, Clas recorded a net asset value per stapled security of S$1.14. Its gearing ratio stood at 38.9 per cent with debt headroom of around S$1.9 billion.

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Stapled securities of Clas ended Friday 0.6 per cent or S$0.005 lower at S$0.905.