CapitaLand Ascott Trust's gross profit up 80% in 2H 2022, boosted by 81% growth in REVPAU

Distribution per Stapled Security (DPS) rose to 5.67 cents on stronger operating performance in FY 2022; excluding one-off items, DPS increased 106% year-on-year
By: CapitaLand Ascott Trust
SINGAPORE - Jan. 29, 2023 - PRLog -- CapitaLand Ascott Trust (CLAS) achieved an 80% increase in gross profit for 2H 2022 to S$164.6 million compared to 2H 2021.  This was mainly attributed to higher revenue from CLAS' existing portfolio and contributions from its expanded portfolio of longer-stay assets, comprising student accommodation and rental housing properties in the United States of America (USA) and Japan, newly acquired serviced residences in Australia, France and Vietnam, as well as from lyf one-north Singapore which soft opened in 4Q 2021.  On a same-store basis, gross profit for 2H 2022 increased by 67% compared to 2H 2021.

CLAS' properties continued to achieve strong operating performance as international travel recovers.  Revenue per available unit (REVPAU) increased 81% year-on-year (y-o-y) to S$143 for 2H 2022.  4Q 2022 REVPAU rose 78% y-o-y to S$155, reaching pre-pandemic levels in line with 4Q 2019 pro forma REVPAU.  All of CLAS' key markets registered quarter-on-quarter REVPAU growth, with the biggest improvements in Japan, Australia and the USA.

With the strong portfolio performance, CLAS increased its Distribution per Stapled Security (DPS) for 2H 2022 by 47% y-o-y to 3.33 cents.  DPS for FY 2022 increased 31% y-o-y to 5.67 cents; and excluding one-off items, adjusted DPS for FY 2022 rose 106% y-o-y to 4.79 cents.

Ms Serena Teo, Chief Executive Officer of the Managers of CLAS said: "While macroeconomic challenges remain, we are cautiously optimistic of the continued recovery in the hospitality industry.  We expect CLAS to continue to benefit from the reopening of more destinations and the pent-up demand for travel. In the coming year, we will be carrying out asset enhancement initiatives (AEI) for four properties in Singapore, France, Germany and UK.  The AEI will uplift the value and profitability of these properties and further enhance our income streams.

"We remain prudent in our capital management approach as we seek opportunities to reconstitute our portfolio.  Our latest acquisition of a rental housing property in Fukuoka will enhance CLAS' income resilience.  It is situated in one of the fastest growing cities in Japan and our existing rental housing properties in Fukuoka have performed well." added Ms Teo.

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CapitaLand Limited
Source:CapitaLand Ascott Trust
Tags:FY 2022 Results
Industry:Real Estate
Location:Singapore - Singapore - Singapore
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