DPU in 2HFY2025 is 3.58 cents up 1% y-o-y. However, core DPU in 2H2025 fell by 4% y-o-y to 2.95 cents.
Income available for distribution rose 11% y-o-y to $256.7 million in FY2025. The increase was driven by higher gross profit, underpinned by stronger operating performance and portfolio reconstitution, and higher non-periodic items.
Total distribution was $233.5 million up 1% y-o-y, after retaining $23.2 million in non-periodic items to fund asset enhancement initiatives (AEIs) to drive future growth and/or for general corporate and working capital purposes.
Revenue and gross profit increased 3% and 4% y-o-y in FY2025 to $837.6 million and $439.1 million respectively.
See also: Hongkong Land's underlying profit for FY2025 down 8%; earnings reach US$1.26 bil
CLAS’ stronger operating performance, portfolio reconstitution and AEIs mitigated the impact of foreign currency depreciation against the Singapore dollar and property tax adjustments in FY2024 and FY2025. On a same-store basis, excluding acquisitions and divestments, revenue and gross profit grew 3% and 1% y-o-y respectively.
CLAS’ revenue per available unit (REVPAU) for FY 2025 rose 3% y-o-y to $161. REVPAU for 4Q2025 also increased 2% y-o-y to $180 on the back of higher average occupancy rates.
CLAS’ portfolio valuation rose 1.7%, or $130 million, mainly due to stronger operating performance, translating into a net asset value of $1.17 as at Dec 31, 2025. CLAS’ key markets with valuation gains are Japan, France and Australia.
Aggregate leverage as at Dec 31, 2025 was 37.7%, while its average cost of debt was 2.9% and interest coverage ratio was 3x. CLAS stapled securities closed at 97 cents on Jan 29, at a price to NAV of 0.83x while DPS translates into a yield of 6.29%.
