CapitaLand Ascott Trust (CLAS) reported an 11 per cent year-on-year (YoY) increase in income available for distribution to Stapled Securityholders to S$256.7 million for the year ended 31 December 2025, helped by firmer operating results and portfolio reconstitution.
Revenue rose 3 per cent YoY to S$837.6 million, while gross profit grew 4 per cent to S$385.3 million. Distribution per stapled security (DPS) was maintained at 6.10 Singapore cents, translating into a 6.4 per cent yield based on the 31 December 2025 closing price of 95.5 cents. For the second half, DPS edged up 1 per cent YoY to 3.58 cents, payable on 27 February 2026 to securityholders on record as of 6 February 2026.
By asset performance, revenue per available unit (REVPAU) increased 3 per cent to S$161 for FY 2025, supported by a 2 per cent rise in fourth-quarter REVPAU to S$180 on higher average occupancy. Portfolio valuation advanced 1.7 per cent, or S$130 million, with notable gains in Japan, France and Australia.
Management said the stronger topline and distributable income reflected higher contributions from acquisitions, completed asset enhancement initiatives (AEIs) in Paris and Seoul, and resilient trading across key markets, which offset currency headwinds and higher property taxes booked in 2024 and 2025.
CLAS completed about S$300 million of divestments during the year at a premium to book value, realising more than S$50 million of net gains. It redeployed over S$210 million into accretive additions—two hotels and three rental-housing properties in Japan—aligning with its aim to lift exposure to the living sector to 25–30 per cent of assets while keeping 70–75 per cent in hospitality. Five AEIs are slated for 2026–2027 across London, Osaka, New York, Paris and Sydney, and redevelopment of the Somerset serviced residence at Clarke Quay, Singapore, is scheduled for completion in 2026 with opening in 2027.
Chairman Lui Chong Chee said the trust has grown its distribution income at a compounded annual rate of about 12 per cent since listing in 2006, and maintained stable payouts in FY 2025 despite macroeconomic uncertainties, attributing the performance to disciplined growth and portfolio diversification. Chief executive officer Serena Teo noted that future efforts will focus on deepening exposure in key markets, recycling capital from divestments and executing AEIs to lift asset value, with the goal of sustaining distributions through stronger core operations and selective release of divestment gains.
As at end-December, gearing stood at 37.7 per cent, providing debt headroom within regulatory limits. Average cost of debt was 2.9 per cent with a weighted average maturity of 3.4 years, and 78 per cent of borrowings were fixed-rate, supporting interest-rate resilience. The trust also reported that around 70 per cent of its portfolio by gross floor area has obtained green certifications, surpassing its 2025 target and keeping it on track to fully green the portfolio by 2030.