On the other hand, the REIT managed stronger same-store operating performance.
Ada Lim of OCBC Group Research has maintained her "buy" call but reduced her fair value for CapitaLand Ascott Trust (CLAS) from $1.01 to 95 cents, after factoring in higher risk premium from the geopolitical tensions in the Middle East.
In its first quarter business update, gross profit for the quarter was lower because of the closure of various properties.
