CapitaLand Ascott Trust H1 DPS flat at S$0.0253, gross profit lower
Gross profit declines 11% to S$161.6 million as revenue for the half year falls 7% to S$370.9 million
[SINGAPORE] CapitaLand Ascott Trust (Clas) on Tuesday (Jul 28) reported a stable distribution per stapled security (DPS) of S$0.0253 for its first half ended Jun 30, unchanged from the year-ago period.
Total distribution for H1 2026 rose 1 per cent year on year to S$97.5 million from S$96.5 million, supported by higher non-periodic items, after retaining S$9.6 million in non-periodic items.
Income available for distribution stood at S$107.1 million, up 11 per cent from S$96.5 million in H1 2025.
Core DPS, which excludes non-periodic items, fell 10 per cent to S$0.0216 from S$0.024 in the previous corresponding period. The managers attributed this to transitional factors such as timing differences in acquisitions and divestments, as well as near-term impact from asset enhancement initiatives (AEIs).
Revenue for the half year fell 7 per cent to S$370.9 million from S$398.5 million in H1 2025, while gross profit declined 11 per cent to S$161.6 million from S$182.5 million previously.
Revenue per available unit (RevPau) for H1 2026 slipped 2 per cent year on year to S$147 from S$150. However, on a same-store basis, RevPau rose 1 per cent year on year, reflecting operational resilience despite macroeconomic uncertainties.
Serena Teo, CEO of the managers of Clas, said the trust remains focused on recycling capital into higher-quality assets and value-enhancing AEIs.
“While these initiatives may have some near-term income impact, we remain committed to delivering stable distributions to stapled securityholders, supported by sustained operating performance and the distribution of non-periodic and/or divestment gains where appropriate,” she added.
As at Jun 30, Clas’ gearing stood at 37.7 per cent, with an average cost of debt of 2.8 per cent per annum and an interest cover ratio of 2.9 times. Weighted average debt maturity was 3.5 years, with around 77 per cent of its total debt on fixed interest rates.
During the period, Clas acquired three freehold rental housing properties in Greater Tokyo for 4.6 billion yen (US$28.1 million) in February. In May, the managers announced the divestment of The Robertson House by The Crest Collection in Singapore for S$360 million at an exit yield of 2.3 per cent and a 4 per cent premium-to-book value. The transaction is expected to be completed by end-July.
The distribution will be paid out on Aug 28, following the record date on Aug 5.
Stapled securities of Clas ended Monday 1.1 per cent or S$0.01 higher at S$0.915.
