CapitaLand Ascott Trust FY2025: Portfolio S$7.9B, DPS 6.10¢ Stable, Japan +20% Revaluation

CapitaLand Ascott Trust (CLAS) FY2025 (year ended 31 December 2025) delivered stable distributions and stronger operating performance across its globally diversified 103-property portfolio, marking 20 years since its IPO.

Gross Revenue S$837.6M (+3% YoY). Gross Profit S$385.3M (+4% YoY). DPS 6.10¢ (stable YoY). Total Distribution S$233.5M (+1%). Portfolio Valuation S$7.9B (+1.7% / +S$130M). Total Assets S$8.9B (+1%). Aggregate Leverage 37.7% (improved from 38.3%). Cost of Debt 2.9% (down from 3.0%). Portfolio Occupancy 80% (up from 77%).

• ▸USA (23% of GP, S$1,330.5M val): NYC hotel RevPAU +9% YoY in USD. Student accommodation AY2025-2026 occ ~89%.
• ▸Japan (17% of GP, S$1,347.2M val, +20% YoY): Japan inbound tourism record 42M+ visitors. Same-store RevPAU +14% YoY in JPY. Sotetsu Osaka-Namba master lease renewed for new 11-year term Jan 2026.
• ▸Singapore (9% of GP, S$1,504.9M val): lyf Funan Singapore (acquired 31 Dec 2024) commenced contributing. RevPAU +1% same-store. Somerset Liang Court topped out — ops expected 2027.
• ▸UK (12% of GP, S$916.0M val): RevPAU +5% YoY in GBP. Holborn-Covent Garden ADR 40%+ above pre-reno levels. Cavendish London to undergo AEI and Crest Collection rebrand in 2026-2027.
• ▸France (8% of GP, S$646.5M val, +13%): Master lease portfolio, Paris visitor numbers +3% YoY. Val surged S$73.5M.
• ▸Australia (9% of GP, S$804.6M val): Stable performance; 12 properties across Brisbane, Sydney, Melbourne, Perth.

Acquisitions (~S$210M): 2 Japan hotels — ibis Styles Tokyo Ginza (224u) and Chisun Budget Kanazawa Ekimae (392u) at 4.3% blended NOI yield; 3 Japan rental housing properties — Pre de Cort Nishikyogoku (Kyoto), Pregio Esaka South and Splendide Namba West (both Osaka) at 4.0% blended NOI yield.

Disvestments (~S$300M): Somerset Olympic Tower Tianjin (Apr 2025), Citadines Central Shinjuku Tokyo (Oct 2025), plus prior-year: Citadines Mount Sophia Singapore (Mar 2024). Net gains S$50M+.

CLCR: CLAS listed on SGX 20 years ago from 12 properties in 6 countries to 103 properties in 16 countries. Ranked 1st in SGTI REITs category for 5th consecutive year.

CLAS's FY2025 result reflects the value of genuine geographical diversification — Japan driving a near-20% valuation uplift while China softened, and the USA student accommodation and NYC hotels both performing well. The DPS stability despite AEI disruptions (Citadines République Paris, upcoming Cavendish London) is underpinned by the retained S$23.2M of non-periodic divestment gains. The three strategic focus areas into 2026 — Japan expansion (targeting 25-30% portfolio allocation), UK AEI cycle (Cavendish), and Singapore development completion (Somerset Liang Court 2027) — give CLAS a clear catalyst pipeline. Key risks: JPY weakness on translation, Cavendish AEI income gap, and US tariff/travel sentiment headwinds on NYC hotel demand.