CapitaLand Ascott Trust’s profit in H2 2024 reaches S$198M, up 8% YoY

SINGAPORE: CapitaLand Ascott Trust’s (CLAS) gross profit for the second half of 2024 (H2 2024) reached S$198 million, up 8% from the previous year, as reported by Singapore Business Review. The group also posted a 6% year-on-year (YoY) rise in revenue, reaching S$423.2 million.

This increase was driven by stronger operations, contributions from recent acquisitions, and completed asset enhancement initiatives (AEIs).

CLAS saw a 4% YoY increase in gross profit and revenue on a same-store basis. Revenue per available unit (REVPAU) also increased 6% YoY to S$167 in H2 2024, while it grew by 9% YoY to S$176 in the fourth quarter (Q4 2024), surpassing the Q4 2019 pre-pandemic levels at 113%.

This growth came from higher average daily rates and improved occupancy, which increased to 81% from 77% in Q4 2023.

Japan had the highest increase in REVPAU, up 37%, while Australia, Singapore, and the UK experienced double-digit growth. CLAS’s core distribution per stapled security (DPS) rose 3% YoY to 3.08 cents for H2 2024, with a total DPS of 3.55 cents. The full year’s core DPS was up 1% YoY, reaching 5.49 cents.

The trust’s total core distribution for H2 2024 reached S$117 million, up 5% YoY, helped by stronger operations and AEIs. This growth offset the effects of higher financing costs and foreign currency depreciation.

In 2024, CLAS completed over S$500 million in divestments and S$350 million in investments, using the proceeds to reduce debt and fund AEIs.

The trust plans to distribute gains to offset short-term income impacts and expects to remain resilient with its diverse portfolio and disciplined capital management. It also aims to improve its portfolio and provide stable returns to Stapled Securityholders. /TISG

Read also: CapitaLand’s Extra Space Asia expands in Japan through strategic partnership with Ambitious Co