CapitaLand Ascott Trust (CLAS) has reported an 8% y-o-y increase in gross profit in its 3QFY2024 ended Sept 30 update, although no figures were posted. According to the REIT, the higher gross profit stemmed from its portfolio reconstitution initiatives, which yielded positive results. On a same-store basis, CLAS’s gross profit rose by 2% y-o-y from a stronger operating performance.
During the quarter, CLAS’s gross profit comprised 34% of growth income while 66% were from stable income. Growth income refers to the REIT’s 29 management contracts for hotels and serviced residences (SRs) while stable income refers to its 27 master leases, 12 management contracts with minimum guaranteed income (MCMGI) and 32 management contracts for longer-stay properties. CLAS reported y-o-y growths in gross profits from its master leases, MCMGI and longer-stay properties.
CLAS also reported higher revenue per available unit (RevPAU) of $158 in the 3QFY2024, 3% higher y-o-y, mainly due to a higher average occupancy of 79%, 2 percentage points higher y-o-y. Across its geographies, only Australia saw a y-o-y decrease in RevPAU. Average daily rates (ADRs) stood “relatively stable” y-o-y at 15% above pre-Covid levels.
As at Sept 30, CLAS’s gearing stood at 38.3% with an interest coverage ratio (ICR) of 3.6 times. Its net asset value (NAV) per stapled security as at the same period stood at $1.11.
As at 9.25am, units in CLAS are trading 1 cent higher or 1.1% up at 92 cents.
