SINGAPORE - CapitaLand Ascott Trust (Clas) on Jan 29 posted a 14.1 per cent rise in distribution per stapled security (DPS) to 3.8 cents for the second half ended Dec 31, 2023, from 3.33 cents in the year-ago period.

The managers attributed the growth mainly to stronger performance and contributions from new properties.

DPS remained unchanged on a year-on-year basis at three cents, after excluding one-off items related to realised exchange gains arising from the repayment of foreign currency bank loans and the settlement of cross-currency interest rate swaps.

Revenue for the half-year period stood at $397.6 million, up 12.4 per cent from the $353.8 million recorded in the same period the year before.

The managers attributed the increase to higher revenue from its existing portfolio and $18.2 million in additional contributions from acquisitions.

This was partially offset by a drop in revenue from the divestment of four French properties in September 2023.

The stapled group acquired nine properties in Australia, France, Japan, Vietnam and the United States, four turnkey rental housing properties in Japan and three properties in Indonesia, Ireland and the United Kingdom.

It recorded a 10 per cent increase in revenue per available unit of $157 for the second half of 2023.

Clas’ total distribution was up 24.4 per cent to $140.8 million from $113.2 million in the same period the previous year. The distribution will be paid out on Feb 29, after the record date on Feb 6.

For the full year ended Dec 31, 2023, DPS rose 15.9 per cent on the year to 6.57 cents from 5.67 cents.

After adjusting for one-off items, DPS stood at 5.44 cents, up 14 per cent from 4.79 cents recorded in the same period the year before.

Revenue for the full-year period was up 19.8 per cent to $744.6 million, while total distribution climbed 24.9 per cent to $237 million.

Clas’ stapled securities closed two cents higher at 95 cents on Jan 29. THE BUSINESS TIMES