CapitaLand Ascott Trust (CLAS) told investors at the UBS Global Real Estate CEO/CFO Conference on Dec, 3 2025 that its gross profit for the three months ended Sep, 30 2025 rose 1 % year-on-year, supported by stronger operating performance, recent acquisitions and completed asset-enhancement works.

For the first nine months of 2025, gross profit increased 4 % from the prior-year period. Portfolio revenue per available unit (RevPAU) for properties under management contracts and minimum-guaranteed leases climbed 3 % to 163 Singapore dollars, while 69 % of third-quarter gross profit came from stable sources such as master leases, minimum-guaranteed rents and the living-sector assets.

CLAS continued to recycle capital. On Oct, 2 2025 it completed the divestment of Citadines Central Shinjuku Tokyo for 25.0 billion Japanese yen (about 222.7 million Singapore dollars), roughly double the asset’s book value, booking a net gain after tax of 5.7 billion yen (about 50.8 million Singapore dollars). Earlier, on Aug, 1 2025 the trust purchased three rental-housing properties in Osaka and Kyoto for 4.0 billion yen (about 34.2 million Singapore dollars) at an expected first-year NOI yield of 4 %.

Gearing stood at 39.3 % as at Sep, 30 2025, providing roughly 1.8 billion Singapore dollars of debt headroom before reaching the 50 % regulatory threshold. All debt due in 2025 has been refinanced or repaid, and the manager expects gearing to fall to about 38.8 % after applying proceeds from the Tokyo divestment, and to about 37.2 % when the funds are used to pare debt in 2Q26.

Total assets were 8.8 billion Singapore dollars at end-September, spread across 104 properties in 45 cities and 16 countries. The trust reiterated its focus on distributing stable returns by combining organic growth, selective acquisitions and portfolio recycling, while maintaining a prudent capital structure.