CapitaLand Ascott Trust (SGX:HMN) reported 1H24 results with a 11% y-o-y increase in top-line revenue to S$386.4mil (in line). Gross profit saw a similar increase, at 12% y-o-y to S$172.9mil.
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Excluding one-off items such as IR swaps, DPU for the period would be an adjusted 2.41 cents – flat compared to 1H23’s 2.44 cents.
Portfolio occupancy flat y-o-y at 75%, due to AEI disruptions, especially in the UK.
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Growth for the quarter was led by the Japan (+29% y-o-y in 2Q24) and US markets (+3% y-o-y in 2Q24) and neutralised a 7% y-o-y decline in UK RevPAU, where room inventory was disrupted due to AEI work. Singapore RevPAU has remained unchanged on a y-o-y basis at S$168, after factoring in a change in the portfolio profile locally to include a rebranded asset (The Robertson House) and the divestment of Citadines Mount Sophia (CMSS).
Proceeds from the CMSS divestment, which was completed in 1Q24, have been partly recycled to increase stakes in the student housing asset Standard at Columbia (90% to full stake), and pare down debt with higher cost.
Capital management stable on high hedges in place.
Read more at SGinvestors.io.
Above is an excerpt from a report by DBS Group Research. Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
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