During the quarter, CLAS acquired one property and divested five.
Of the total sum, 64% comprised stable income while the remaining 36% were from growth income. The higher proportion of stable income in the 1QFY2024 was attributed to the seasonally softer quarter for transient travel.
In the 1QFY2024, portfolio revenue per available unit (RevPAU) grew by 6% y-o-y to $135, in line with the pro forma RevPAU pre-Covid-19 in the 1QFY2019. The combination with Ascendas Hospitality Trust was completed on Dec 31, 2019; the pro forma figures include Ascendas Hospitality Trust’s portfolio.
The better RevPAU was attributed to higher room rates. Average occupancy of the portfolio remained stable at 73%, which is at 88% of 1QFY2019’s pro forma levels.
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During the quarter, all of CLAS’s key markets saw higher RevPAU growths.
Australia’s RevPAU rose by 8% y-o-y to A$168 ($148.38), while Japan’s RevPAU was up by 31% y-o-y at JPY15,962 ($140.32). Singapore’s RevPAU grew by 6% y-o-y to $182 while RevPAU in the UK was up by 11% y-o-y at GBP124 ($210.14). RevPAU in the US was up by 4% y-o-y to US$144 ($195.95).
In France, revenue grew by 12% y-o-y to EUR5.5 million.
See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025
As at March 31, CLAS’s net asset value (NAV) per stapled security stood at $1.13. Its gearing stood at 37.7% with an interest cover of 3.7 times.
Units in CLAS closed at 89.5 cents on April 23.
