Global lodging stapled trust — serviced residences, hotels and a growing longer-stay 'living' book across 16 countries. Source-linked diligence below.
Filing-sourced diligence — FY2025 (31 Dec 2025) + 1Q2026 update (31 Mar 2026). Every figure is tagged to its source; what the filings don't disclose is listed, not guessed.
A diligence-ready read assembled from CLAS's latest SGX filings: balance sheet, asset map, income durability, the concentration/structure most screeners skip, and the points investors usually miss.
Interactive map — drag to pan, use +/− to zoom; hover or tap a marker for the assets there. Bubble size = assets at that location; colour = type.
Japan is the largest single country at ~17.7% of portfolio value (post Aug-2025 acquisitions). FY2025 (31 Dec 2025) + 1Q2026 update (31 Mar 2026).
| Metric | Value | As of / source |
|---|---|---|
| Aggregate leverage | 38.9% | 1Q2026 update (37.7% at FY2025) |
| Interest coverage (ICR) | 3.0x | 1Q2026 update |
| Effective cost of debt | 2.8% | 1Q2026 update |
| % fixed-rate debt | 78% | 1Q2026 update |
| Weighted avg debt maturity | 3.1 yrs | 1Q2026 update (3.4y at FY2025) |
| Debt headroom (to 40%) | ~S$1.9B | 1Q2026 update |
| Liquidity available | S$1.51B | 1Q2026 update (S$539m cash + S$972m undrawn) |
| Credit rating | BBB (stable), Fitch | 3Q2025 |
| Metric | Value | As of / source |
|---|---|---|
| Portfolio value (AUM) | S$8.9B | FY2025 |
| Properties | 103 | FY2025 (>18,000 units, 45 cities) |
| Countries | 16 | FY2025 |
| Occupancy | 77% | 1Q2026 (80% FY2025 avg) |
| RevPAU | S$137 | 1Q2026 (same-store +1% YoY; S$161 FY2025) |
| NAV per unit | S$1.17 | FY2025 |
CLAS is not a long-lease net-lease REIT. ~65% of gross profit is 'stable' (master leases + minimum-guaranteed-income contracts + living-sector leases); ~35% is 'growth' management-contract income that moves with RevPAU.
| Income type | Share | As of |
|---|---|---|
| Master leases | ~24% of gross profit | FY2023 granular split (latest disclosed at this depth) |
| Mgmt contracts w/ min. guaranteed income | ~16% | FY2023 |
| Management contracts (RevPAU-linked) | ~60% | FY2023 |
| Stable share (FY2025) | ~65% | FY2025 results |
Sponsor: managed by CapitaLand Investment (CLI) subsidiaries, with a right-of-first-refusal over CLI lodging assets feeding the pipeline. Recent moves: divested Citadines Central Shinjuku Tokyo for ~JPY25bn (~100% premium, ~S$50.8m gain); >S$800m of divestments 2024–1Q2026 recycled into ~S$600m of Japanese rental-housing and other living assets (~4% NOI). Strategy: steering the 'living' sector from 17% toward a 25–30% medium-term target. Development: Somerset Clarke Quay (Liang Court) Singapore, 192 units, opening ~2027.
| # | Risk |
|---|---|
| 1 | Refinancing / rates — WADM only ~3.1y and ~22% floating; refinancing could lift the 2.8% cost. |
| 2 | FX translation — heavy JPY/EUR/USD exposure; SGD strength erodes S$-reported DPS. |
| 3 | AEI execution & timing — S$260m programme; delayed reopenings extend the RevPAU drag. |
| 4 | Hospitality cyclicality — ~35% of gross profit is RevPAU-sensitive growth income. |
| 5 | Distribution sustainability — flat headline DPU leans on divestment gains, retention and perpetuals. |
| Metric | Value | As of | Source |
|---|---|---|---|
| Price / yield / P-NAV / market cap | live | 17 Jun 2026 | GroundVision market feed (Yahoo Finance, delayed) |
| Gearing / ICR / cost of debt / % fixed / WADM | 38.9% / 3.0x / 2.8% / 78% / 3.1y | 1Q2026 | CLAS 1Q2026 Business Update |
| Debt by currency | JPY40/USD17/EUR17/SGD15/GBP10/KRW1 | 1Q2026 | CLAS 1Q2026 update |
| AUM / properties / countries | S$8.9B / 103 / 16 | FY2025 | CapitaLand newsroom 29 Jan 2026 |
| Occupancy / RevPAU | 77% / S$137 (1Q26) | 1Q2026 | CLAS 1Q2026 update |
| Revenue / income avail. / distribution | S$837.6m / S$256.7m / S$233.5m | FY2025 | CapitaLand newsroom |
| Gross profit | S$385.3m (official) | FY2025 | CapitaLand newsroom — conflicts with S$439.1m in some secondary coverage |
| DPU (FY2021–FY2025) | 4.32 / 5.67 / 6.57 / 6.10 / 6.10 ¢ | FY2021–25 | CapitaLand releases |
| Perpetual securities | S$260m @4.20% + S$150m @4.60% | 2024–25 | The Edge; CLAS disclosures |
| NAV per unit | S$1.17 | FY2025 | FY2025 results |
| Asset-class split | SR 45% / Hotels 38% / Living 17% | FY2025 | FY2025 disclosure (factsheet) |
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