Investor Presentaiton
• Japan
Strong international leisure demand, boosted further by autumn and year-end holiday travel
Notes:
1.
2.
16% of total assets, 15% of 2H 2023 gross profit:
3 hotels and 1 student accommodation under master lease; 3 SRs, 2 hotels and 23 rental housing under management contracts
9,192
RevPAU (JPY)1
+90%
17,500
4Q 2022
4Q 2023
•
•
Management Contracts - SRS
2H 2023 revenue and gross profit were 121% and
336% higher y-o-y respectively, as properties
continued to perform strongly on the back of Japan's
full reopening to independent travellers in Oct 2022
4Q 2023 RevPAU was 90% higher y-o-y at
JPY 17,500, exceeding 4Q 2019 same-store
RevPAU² by 39%; the Tokyo properties led the strong
performance with ADR at >50% above pre-Covid
levels
International leisure guests continued to be the
primary source of demand in 4Q 2023; autumn and
year-end holiday travel brought about further uplift
• Outlook for 1Q 2024 remains positive with
sustained leisure demand from both international
and domestic sources; cherry blossom season in
Mar-Apr is expected to provide an added boost
Management Contracts - Rental Housing
.
2H 2023 revenue and gross profit were 38% and
41% higher y-o-y respectively, due to the completion
of acquisition of 9 properties from Nov 2022 to
May 2023; on a same-store basis, revenue
increased by 1%
In 4Q 2023, the rental housing portfolio continued to
offer stable income with an average occupancy of
>95%
Turnkey acquisition of Teriha Ocean Stage,
a rental housing property in Fukuoka, was
completed in Jan 2024
Master Leases - Hotels & Student Accommodation
Received variable rent in addition to fixed rent at
the hotels
Received fixed rent at the student accommodation
property in Osaka
Pertains to the serviced residences under management contracts only; excludes rental housing properties and Hotel WBF Kitasemba East and Hotel WBF Kitasemba West which were closed and will be divested in 1Q 2024
Excluding Somerset Azabu East Tokyo which was divested in Dec 2020
CapitaLand Ascott Trust
Investor Presentation
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