- CapitaLand Ascott Trust reported growth in gross profit of 8% y-o-y in 3Q24, which met our expectations. Portfolio RevPAU expanded 3% y-o-y to S$158, which is 5% above pre-pandemic levels, driven by France, Japan, Singapore, the UK and the US. Portfolio occupancy improved 2ppt y-o-y to 79%.
- - Read this at SGinvestors.io -
Growth from higher occupancies and acquisitions.
- CapitaLand Ascott Trust's gross profit grew 8% y-o-y in 3Q24, comprising same-store growth of 2% y-o-y and boost from acquisitions of 6% y-o-y. Gross profit from master leases grew 4% y-o-y, while gross profit from longer-stay properties jumped 11% y-o-y.
- - Read this at SGinvestors.io -
Singapore: Uplift from The Robertson House.
- RevPAU for properties under management contracts increased 5% y-o-y on a same-store basis. The Robertson House completed renovations in 1Q24 and contributed to higher revenue. CapitaLand Ascott Trust benefitted from higher leisure demand during the F1 Grand Prix in Sep 24.
- The acquisition of lyf Funan is DPU-accretive, being largely funded by proceeds from divestment of Citadines Mount Sophia and subject to unitholders’ approval during EGM on 18 Nov 24.
Japan: Growth from weak JPY and summer holidays.
- Read more at SGinvestors.io.
