- Portfolio RevPAU increased 4% y-o-y to S$161 in 4Q23, 3% above pre-pandemic levels. There is more upside for recovery as average portfolio occupancy was stable at 77% in 4Q23 and remains below pre-pandemic levels of 84%.
- CapitaLand Ascott Trust benefits from continued asset recycling and asset enhancements. It has completed renovation for The Robertson House, while works on seven other properties are ongoing.
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CapitaLand Ascott Trust's 2H23
- CapitaLand Ascott Trust (SGX:HMN) reported 2H23 DPU of 3.80 cents (+14% y-o-y), above our expectations. Excluding one-off items, such as realised exchange gain from the repayment of foreign currency loans and settlement of interest rate swaps, 2H23 DPU would be 3.00 cents (flat y-o-y), which is slightly ahead of our forecast of 2.83 cents.
Organic growth augmented by acquisitions.
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- Key markets Australia, Japan, Singapore, UK and the US generated higher RevPAU. Average portfolio occupancy was stable q-o-q at 77% in 4Q23, which remains below pre-pandemic levels of 84%.
Japan: Boost from international leisure demand.
- Read more at SGinvestors.io.
