# CapitaLand Ascott Trust sharpens portfolio, delivers DPS of 2.53 cents for 1H2026

- **Source:** EdgeProp Singapore
- **Published:** 2026-07-28T06:09:15.000Z
- **Author:** Atiqah Mokhtar
- **Original:** https://www.edgeprop.sg/property-news/capitaland-ascott-trust-sharpens-portfolio-delivers-dps-253-cents-1h2026
- **Topics:** Transactions & Deals, Investment & Capital Markets, Regional Markets

## Featured rationale

Stable distributions amid portfolio recycling and asset enhancements signal operating resilience, while upgraded and newly completed properties could support future hospitality and living-sector income.

## AI summary

CapitaLand Ascott Trust maintained 1H2026 DPS at 2.53 cents despite revenue falling 7% and gross profit declining 11% year on year.

## Original article

CapitaLand Ascott Trust (CLAS) remains focused on enhancing its portfolio quality through capital recycling and asset enhancements, even as near-term results absorbed the cost of asset upgrades and property closures in the first half of 2026.

In a July 28 release on its financial performance for the six months ended June 30, the trust detailed its ongoing portfolio reconstitution. In February, CLAS deepened its living sector exposure by acquiring three freehold rental housing properties in Southern Kanagawa, Greater Tokyo, Japan for JPY4.6 billion ($38.3 million). On a pro forma basis, the acquisition has a blended net operating income entry yield of 4.1% and a DPS (distribution per stapled security) accretion of 0.2%.

In May, it announced the divestment of The Robertson House by The Crest Collection in Singapore for $360 million – 4% above book value and representing an exit yield of 2.3%. The transaction is expected to be completed this month.

Read also: CapitaLand Ascott Trust to sell luxury Robertson Quay hotel for $360 mil or about $1.1 mil per key

Meanwhile, CLAS continues to undertake asset enhancement initiatives (AEIs) for properties in key gateway cities. It has three properties undergoing AEIs in 2026 and 2027: The Cavendish London in the UK; Sotetsu Grand Fresa Osaka-Nama in Japan; and Citadines Place d’Italie Paris in France.

CLAS is also redeveloping Somerset Clarke Quay Singapore, a 192-unit serviced residence with a hotel license. Slated for completion this year, the development is expected to begin contributing income from early 2027.

CLAS highlights that AEIs completed at its other properties are already paying off. For example, Citadines République Paris, upgraded in 2025, posted an 18% jump in revenue per available unit (Revpau) in 2Q2026 compared with the same period in 2024. Sheraton Tribeca New York Hotel also completed its AEI early, positioning it to capture demand during the FIFA World Cup held from June 11 to July 19.

However, the initiatives, together with CLAS’ active capital recycling, have resulted in near-term costs. CLAS reported a gross profit of $161.6 million for 1H2026, 11% lower y-o-y. The decline comes off the back of lower revenue, which dipped 7% y-oy- to $370.9 million.

CLAS’s core distribution income for 1H2026 was impacted by transitional factors, including timing differences in acquisitions and divestments, the AEIs, and one-off tax adjustments, says the trust. However, on a same-store basis, operating performance remained resilient, with Revpau rising 1% y-o-y in 1H2026. CLAS.

Despite the lower gross profit, income available for distribution rose 11% y-o-y to $107.1 million for the period, due to non-periodic gains arising from the settlement of cross-currency interest rate swaps and repayment of foreign currency bank loans.

Read also: CapitaLand Ascott Trust acquires three rental housing properties in Japan for JPY4.6 bil

Total distribution inched up 1% y-o-y to $97.5 million, after retaining $9.6 million in non-periodic items. Meanwhile, DPS remained unchanged from the year before at 2.53 cents.

## Chinese translation

> Translation model: grok_cli

### 凯德雅诗阁信托优化投资组合，2026年上半年每单位派息2.53分

该信托在2026年上半年收购了日本三处出租住房物业，同时出售新加坡The Robertson House by The Crest Collection。

凯德雅诗阁信托（CapitaLand Ascott Trust，CLAS）持续聚焦通过资本循环与资产提升改善投资组合质素，尽管2026年上半年短期业绩已消化资产升级与物业关闭带来的成本。

在7月28日发布的截至6月30日止六个月财务表现中，该信托详述了其持续的投资组合重组。2月，CLAS通过以46亿日元（3830万美元）收购日本大东京南神奈川三处永久业权出租住房物业，加深其生活领域布局。按备考基础，该收购综合净营运收入入场收益率达4.1%，每单位派息（DPS，每份合订证券派息）增厚0.2%。

5月，信托宣布以3.6亿美元出售新加坡The Robertson House by The Crest Collection——较账面价值高出4%，退出收益率为2.3%。交易预计于本月完成。

另读：凯德雅诗阁信托拟以3.6亿美元出售罗拔申码头豪华酒店，约合每间客房110万美元

与此同时，CLAS持续在主要门户城市物业推进资产提升计划（AEI）。2026年及2027年有三处物业进行AEI：英国伦敦The Cavendish London；日本Sotetsu Grand Fresa Osaka-Nama；以及法国巴黎Citadines Place d’Italie Paris。

CLAS亦在重建新加坡Somerset Clarke Quay，该处为拥有酒店牌照的192个单位服务式公寓。项目计划于今年竣工，预计自2027年初起开始贡献收入。

CLAS强调，其他物业已完成的AEI正见成效。例如，2025年升级的巴黎Citadines République Paris，2026年第二季每可用单位收入（Revpau）较2024年同期跃升18%。纽约Sheraton Tribeca New York Hotel亦提前完成AEI，以把握6月11日至7月19日举行的国际足联世界杯期间的需求。

然而，上述举措连同CLAS积极的资本循环，带来了短期成本。CLAS录得2026年上半年毛利1.616亿美元，按年下降11%。下滑源于收入减少，收入按年下跌7%至3.709亿美元。

信托表示，CLAS 2026年上半年核心可派息收入受过渡性因素影响，包括收购与出售的时差、AEI，以及一次性税务调整。不过，按同店基础，经营表现保持韧性，2026年上半年Revpau按年上升1%。CLAS。

尽管毛利下降，期内可供派发收入按年上升11%至1.071亿美元，原因是交叉货币利率互换结算及偿还外币银行贷款所产生的非经常性收益。

另读：凯德雅诗阁信托以46亿日元收购日本三处出租住房物业

总派息在留存960万美元非经常性项目后，按年微升1%至9750万美元。与此同时，DPS与上年持平，为2.53分。