Three out of five Singapore-listed Hospitality Trusts have reported half-yearly financial results for the first half of 2025 over the past week, with two more due to report this week.
1. $CapLand Ascott T(HMN.SI)$
CapitaLand Ascott Trust (CLAS) reported a resilient performance in 1H 2025, with revenue rising 3% year-on-year to S$398.5 million and gross profit up 6% to S$182.5 million, driven by stronger operating performance, portfolio reconstitution, and asset enhancement initiatives (AEIs). Core distribution in 1H 2025 rose 1% to S$91.6 million, although distribution per stapled security (DPS) dipped slightly to 2.53 cents.
CLAS benefited from stable income streams, with 66% of gross profit derived from master leases and living sector assets. Notably, most of its key markets Australia, Japan, UK and USA registered RevPAU growth year-on-year, while Singapore experienced a slight decline due to increased competition and the absence of major events.
CLAS continued its proactive portfolio reconstitution strategy in 1H 2025, aimed at enhancing long-term value and income stability. Since 2024 to-date, the trust completed over S$500 million in divestments at up to 55% premium to book value, and redeployed into accretive acquisitions totalling S$530 million in assets in Japan and USA and lyf Funan Singapore. Three more AEIs are planned through 2026, and redevelopment of the Somerset Clarke Quay serviced residence is underway with completion expected in 2026.
2. $Far East HTrust(Q5T.SI)$
Far East Hospitality Trust (FEHT) faced headwinds in 1H 2025, with gross revenue declining 4.2% year-on-year to S$51.6 million and net property income (NPI) falling 7.7% to S$45.6 million. The decline was mainly due to softer performance from Singapore hotels and serviced residences, partially offset by contributions from commercial premises and the newly acquired Four Points by Sheraton Nagoya in Japan.
Distribution to stapled securityholders decreased 8.7% to S$36.0 million, translating to a DPS of 1.78 cents. Despite the earnings decline, FEHT maintained a strong balance sheet with aggregate leverage at 32.8%, interest coverage ratio at 3.1 times, and average cost of debt at 3.4%.
The trust’s portfolio remained anchored in Singapore, with Japan contributing to income diversification. Gerald Lee, chief executive officer of the REIT Manager said: “After a slow start in the first half of the year amid macroeconomic headwinds and cautious corporate sentiments, demand has started to trend more positively.”
3. $CDL HTrust(J85.SI)$
CDL Hospitality Trusts (CDLHT) experienced a softer first-half, with NPI falling 11.9% year-on-year to S$58.6 million and total distribution after retention declining 20.2% to S$25.1 million, or DPS of 1.98 cents.
The decline was attributed to softer performance in most markets, except for Japan, UK and Australia, as well as higher interest costs. Singapore RevPAR fell 14.2% due to the absence of large-scale events and ongoing renovations at W Hotel.
However, CDLHT saw positive contributions from its UK portfolio, particularly from new acquisitions like Hotel Indigo Exeter and living assets Benson Yard and The Castings. Japan also performed well, with RevPAR up 13.7% and NPI rising 11.4%.
Frasers Hospitality Trust will be reporting business updates for the third quarter period on August 4, while Acrophyte Hospitality Trust will be reporting financial results for the first half of 2025 on August 6.
For whom haven't open CBA can know more from below:
🏦 Open a CBA today and enjoy privileges of up to SGD 20,000 in trading limit with 0 commission. Trade SG, HK, US stocks as well as ETFs unlimitedly!
Find out more here：
Trade on a Cash Boost Account and enjoy up to 6 months of Commission-Free trading.
💰Join the TB Contra Telegram Group to Get $10 Trading Vouchers Now🎉
Comments