CapitaLand Ascott Trust Q3 gross profit rises 1%

It is 2% lower on a same-store basis after excluding acquisitions and divestments

CapitaLand Ascott Trust’s (Clas) gross profit rose 1 per cent year on year for the third fiscal quarter ended September.

On Wednesday (Oct 29), the lodging trust’s managers attributed the increase to stronger operating performance, portfolio reconstitution and asset enhancement initiatives. These mitigated the impact of depreciation of foreign currencies against the Singapore dollar, added the managers.

However, gross profit was 2 per cent lower on a same-store basis after excluding acquisitions and divestments. This was due to a one-off land tax adjustment relating to a property in Australia, said the managers.

For the nine months ended Sep 30, gross profit rose 4 per cent year on year, or 2 per cent on a same-store basis.

Breaking down its Q3 gross profit, the managers said that 14 per cent came from the living sector, 55 per cent from management contracts with minimum guaranteed income, and the remaining 31 per cent from management contracts for hospitality properties.

Revenue per available unit (RevPAU) for Q3 2025 grew 3 per cent on the year. The managers said the increase in RevPAU was mainly due to higher average occupancy for the quarter, which rose to 83 per cent from 79 per cent the year before.

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The strongest RevPAU growth came from its Australia portfolio, which rose 22 per cent, driven by sports events in the second half of FY2025.

RevPAU in the UK and the US also grew, by 9 per cent and 8 per cent, respectively.

In contrast, the Japan portfolio saw a 23 per cent decline, mainly due to the addition of Chisun Budget Kanazawa Ekimae, a hotel acquired in January 2025 with a lower RevPAU. The Singapore portfolio recorded a 2 per cent drop, which the managers attributed to a shift in the Formula 1 event dates.

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As at end-September 2025, Clas’ net asset value per stapled security stood at S$1.13, up from S$1.11 in the prior year. Gearing was 39.3 per cent.

Stapled securities of Clas ended Tuesday flat at S$0.955.