CapitaLand Ascott Trust (HMN) told investors at Citi’s 31st Annual Global Property CEO Conference on Mar, 3 2026 that revenue for the financial year ended Dec, 31 2025 rose 3 per cent to 837.6 million Singapore dollars, while gross profit increased 4 per cent to 385.3 million Singapore dollars, driven by stronger operating performance, portfolio reconstitution and asset-enhancement initiatives (AEIs).
Income available for distribution grew 11 per cent year on year to 256.7 million Singapore dollars. After retaining 23.2 million Singapore dollars of non-periodic items to fund future AEIs and working-capital needs, the trust will distribute 233.5 million Singapore dollars, keeping its full-year distribution per stapled security unchanged at 6.10 Singapore cents.
The lodging trust completed roughly 300 million Singapore dollars of divestments during 2025 at premiums of up to 100 per cent over book value, unlocking more than 50 million Singapore dollars in net gains. Proceeds were redeployed into about 210 million Singapore dollars of higher-yielding acquisitions, including three rental-housing properties in Osaka and Kyoto purchased in Aug, 2025 at an expected 4 per cent net operating income yield, and three more rental-housing assets in Hiratsuka, Greater Tokyo, agreed in Feb, 2026 for 4.6 billion Japanese yen (38.3 million Singapore dollars) at a 4.1 per cent yield.
CLAS reported a 1.7 per cent uplift in portfolio valuation over net book value as at Dec, 31 2025, equivalent to a gross fair-value gain of about 130 million Singapore dollars, led by assets in Japan, France and Australia. Total assets stood at 8.9 billion Singapore dollars across 103 properties in 16 countries, with Asia-Pacific accounting for 56 per cent of portfolio value.
Gearing improved to 37.7 per cent, leaving around 2.1 billion Singapore dollars of debt headroom to the 50 per cent regulatory limit. Approximately 78 per cent of total debt is fixed-rate, the average borrowing cost is 2.9 per cent per annum, and interest-coverage stands at 3.0 times. Available liquidity amounted to about 1.65 billion Singapore dollars, comprising 614 million Singapore dollars in cash and 1.04 billion Singapore dollars in undrawn facilities.
Upcoming growth drivers include ongoing AEIs at properties such as The Cavendish London, Sydney Central Hotel and Sotetsu Grand Fresa Osaka-Namba, plus the redevelopment of the former Somerset Liang Court Singapore, due to open in 2027. CLAS said it targets maintaining a portfolio mix of 70-75 per cent hospitality assets and 25-30 per cent living-sector properties, while sustaining stable distributions through disciplined capital management and further recycling of capital.
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