CapitaLand Ascott Trust income holds firm despite renovation drag

Past divestment gains offset the impact of upgrades at assets in London and Hamburg.

CapitaLand Ascott Trust (CLAS) reported stable distribution income in the first quarter (Q1) of 2026 even as renovation works, divestments, and asset enhancement initiatives weighed on gross profit, according to an SGX filing.

The company said distribution from past divestment gains helped offset the impact of renovation-related closures, including The Cavendish London and The Madison Hotel Hamburg.

On a same-store basis, excluding The Cavendish London, acquisitions, and divestments, portfolio revenue per available unit (RevPAU) rose 1% year on year to $137, whilst occupancy stood at 77%.

By market, Australia recorded a 7% increase in RevPAU to about $171.78 (AU$188), supported by events and higher average daily rates. Singapore RevPAU rose 2% to $187, driven by stronger demand during the biennial Singapore Airshow.

CLAS expects additional interest savings in the second quarter of 2026 after repaying higher-cost debt using proceeds from the divestment of Citadines Central Shinjuku Tokyo.

It said these savings are expected to offset income loss from divestments and ongoing asset enhancement initiatives.

The trust reported net asset value per stapled security of $1.14 in Q1 2026, with gearing at 38.9% and about $1.9b in debt headroom.

(AU$1 = SG$0.91)

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