CapitaLand Ascott Trust (CLAS) told investors at the “SGX-DBS Jewels of Singapore Corporate Day” on May, 29 2026 that distribution income for the first quarter of 2026 stayed “relatively stable”, cushioned by the release of past divestment gains and lower interest expenses. First-quarter gross profit was weighed down by the temporary closure of The Cavendish London for renovations and partial closure of Madison Hamburg, while acquisition–divestment movements and asset-enhancement works had a net negative impact during the period.

The largest lodging trust in Asia Pacific now manages 106 properties with more than 19,000 units across 45 cities in 16 countries, backed by total assets of 8.9 billion Singapore dollars and a market capitalisation of 3.4 billion Singapore dollars as at Mar, 31 2026. Approximately 70–75 per cent of the portfolio is in serviced residences and hotels, with the balance in rental housing and student accommodation; the living sector’s share of portfolio value rose to 18 per cent after recent transactions.

Average revenue per available unit (RevPAU) for the portfolio was 137 Singapore dollars in 1Q26 with occupancy at 77 per cent. On a same-store basis—excluding The Cavendish London, recent acquisitions and disposals—RevPAU gained 1 per cent year on year. Market-specific same-store RevPAU changes included Japan +3 per cent, the United Kingdom +1 per cent, and the United States +7 per cent, while Australia and France posted stable to modest growth.

In February the trust acquired three rental housing assets in Greater Tokyo—Lime Residence Hiratsuka West, Lime Residence Hiratsuka East and Live Casa Hiratsuka—for 4.6 billion Japanese yen (38.3 million Singapore dollars), representing a 4.1 per cent net operating income entry yield and 0.2 per cent distribution per stapled security accretion on a pro-forma FY25 basis.

Separately, CLAS has agreed to sell The Robertson House by The Crest Collection in Singapore for 360 million Singapore dollars, a four per-cent premium to book value and an implied exit yield of 2.3 per cent based on FY25 EBITDA. The transaction, targeted to close in 3Q26, is expected to generate net proceeds of 341.7 million Singapore dollars and a net gain of about 38.1 million Singapore dollars, which may be redeployed into higher-yielding assets, asset enhancements or debt repayment.

Since 2024 the trust has completed more than 800 million Singapore dollars of divestments at up to 100 per cent premiums to book and undertaken roughly 600 million Singapore dollars of acquisitions in key gateway cities. Four asset-enhancement initiatives and one redevelopment are under way, with total capital expenditure of about 260 million Singapore dollars, of which CLAS will fund around 180 million Singapore dollars.

CLAS reported a gearing ratio of 38.9 per cent, leaving about 1.9 billion Singapore dollars of debt headroom to the 50 per cent regulatory limit. Some 78 per cent of borrowings are on fixed rates, the average cost of debt stands at 2.8 per cent per annum, and interest cover is 3.0 times. Total available liquidity amounted to roughly 1.51 billion Singapore dollars, and the trust maintains a BBB credit rating (Stable) from Fitch.

Management reiterated medium-term targets to keep 70–75 per cent of assets in hospitality and 25–30 per cent in the living sector, supported by ongoing acquisitions, selective developments and capital recycling.