CapitaLand Ascott Trust revenue dips 7% in H1

DPS remained flat for the year.

CapitaLand Ascott Trust reported revenue of $370.9m in the first half of 2026, a dip of 7% compared to the same period last year.

Distribution per Stapled Security (DPS) was flat at $2.53, whilst core DPS slipped by 10%, mainly impacted by transitional factors, including timing differences in acquisitions and divestments, the near-term impact of asset enhancement initiatives (AEIs) undertaken to enhance the quality and long-term resilience of the portfolio, foreign exchange impact and one-off tax adjustments.

Core distribution income for 1H 2026 included a distribution top-up to mitigate the closures of The Cavendish London and Madison Hamburg. On a same-store basis, operating performance remained resilient, with revenue per available unit (REVPAU) increasing 1% year-on-year, despite macroeconomic uncertainties.

Income Available for Distribution to Stapled Securityholders, meanwhile, grew by 11% to $107.1m

The group said it has three other properties undergoing AEIs. The Cavendish London, located in the exclusive Mayfair area, will be rebranded under The Crest Collection, a heritage-inspired luxury brand managed by CLAS’ sponsor, The Ascott Limited.

The AEI is said to elevate the property’s positioning and income potential. The other two properties are Sotetsu Grand Fresa Osaka-Namba in Japan and Citadines Place d’Italie Paris in France.

CLAS is also redeveloping Somerset Clarke Quay Singapore, a 192-unit serviced residence with a hotel licence. The property is expected to be completed in 2026 and begin contributing income from early 2027.

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