CapitaLand Ascott Trust (HMN) told investors at the Citi 2026 Property and Financials Conference on Jun, 23 2026 that it remains Asia-Pacific’s largest lodging trust with total assets of 8.9 billion Singapore dollars, 106 properties across 16 countries and a market capitalisation of 3.4 billion Singapore dollars.

The Trust reported relatively stable distribution income for the three months to Mar, 31 2026 despite lower gross profit caused by asset enhancement works at The Cavendish London and Madison Hamburg and the timing gap between recent divestments and acquisitions. Portfolio revenue per available unit (RevPAU) stood at 137 Singapore dollars with an average occupancy of 77 %.

CLAS confirmed a proposed divestment of The Robertson House by The Crest Collection in Singapore for 360 million Singapore dollars, representing a 4 % premium to its end-Dec 2025 book value and an exit yield of 2.3 % based on FY25 EBITDA. The sale, expected to complete in 3Q26, will generate net proceeds of 341.7 million Singapore dollars and a net gain of about 38.1 million Singapore dollars.

In Feb 2026 the Trust acquired three rental housing properties in Hiratsuka, Greater Tokyo, for 4.6 billion yen (38.3 million Singapore dollars). The assets provide a blended net operating income entry yield of 4.1 % and are projected to add 0.2 % to FY25 pro forma distribution per stapled security. These purchases lift the “living sector” (rental housing and student accommodation) to 18 % of portfolio value.

Asset enhancement initiatives continue at six properties, including Sotetsu Grand Fresa Osaka-Namba, Sheraton Tribeca New York Hotel and The Cavendish London, with combined capital expenditure of about 260 million Singapore dollars (CLAS share: 180 million Singapore dollars). The redevelopment of Somerset Clarke Quay Singapore is on track for completion by end-2026 and operations in 2027.

Financially, CLAS reported gearing of 38.9 %, interest cover of 3.0 times and a weighted average cost of debt of 2.8 % per annum, with roughly 78 % of borrowings on fixed rates and 1.51 billion Singapore dollars in available liquidity. Fitch maintains a “BBB” rating with a stable outlook.

Management reiterated its strategy of balancing 70 %–75 % exposure to serviced residences and hotels with 25 %–30 % in rental housing and student accommodation, using selective acquisitions, value-accretive divestments and ongoing asset enhancements to support sustainable distributions.