CapitaLand Ascott Trust's profit up 15% YoY in 1Q24

The REIT attributed the increase to stronger operating performance.

CapitaLand Ascott Trust (CLAS) saw its gross profit rise by 15% YoY in 1Q24 amidst stronger operating performance and contributions from new properties.

In 1Q24, CLAS acquired one property, the Teriha Ocean Stage, in Fukuoka, Japan.

Excluding acquisitions and divestments between 1Q23 and 1Q224, gross profit would have risen by only 7% YoY.

CLAS divested five properties in 1Q24 alone, including the Courtyard by Marriott Sydney-North Ryde in Australia and Citadines Mount Sophia Singapore.

More than half (64%) of CLAS' gross profit in 1Q24 came from its stable income resources, whilst the remaining 36% came from its growth income sources.

CLAS attributed the higher proportion of its stable income to the first quarter being a seasonally softer quarter for transient travel.

Meanwhile, the REIT also recorded a 6% YoY higher Revenue per Available Room (RevPAU) due to higher room rates.