CapitaLand Ascott Trust grows FY2025 income available for distribution 11% to S$256.7m, holds DPS at 6.10 cents and lifts portfolio value 1.7%
Summary:
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FY2025 revenue and gross profit rose 3% and 4% year-on-year to S$837.6 million and S$385.3 million respectively, driven by stronger operating performance, portfolio reconstitution and completed AEIs, partly offset by FX headwinds and property tax adjustments.
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Income available for distribution increased 11% to S$256.7 million, but CLAS retained S$23.2 million of non-periodic gains to fund AEIs and working capital, resulting in total distribution of S$233.5 million and a flat full-year DPS of 6.10 cents; core DPS fell 3% due to property tax adjustments.
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Portfolio RevPAU rose 3% to S$161 for FY2025 and 2% to S$180 in 4Q2025 on higher occupancy, with key markets such as Australia, Singapore, Japan (on a same-store basis), the UK and US hotels all showing RevPAU gains, while France’s master leases delivered modest rent-driven growth.
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CLAS executed over S$800 million of divestments at up to 100% premiums to book and recycled capital into roughly S$560 million of higher-yielding, largely accretive acquisitions (including three Japan rental housing assets at a 4% entry yield versus a 0.4% exit yield), while also committing about S$210 million into AEIs and a major redevelopment at the former Somerset Liang Court Singapore.
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The portfolio (S$8.9 billion of assets across 103 properties in 16 countries) recorded around S$130 million of gross fair-value gains (1.7% above net book value), mainly from Japan, France and Australia, as gearing improved to 37.7% with 78% of debt fixed, an average cost of 2.9% and interest cover of 3.0 times.