Ascendas REIT's 1H22 results highlights:
Higher revenues from acquisitions and completed developments.
- Ascendas REIT (SGX:A17U)'s 1H22 revenues increased 13.7% y-o-y to S$666.5m due mainly to contributions from acquisitions in the past year.
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- 75% interest in Galaxis (June 2021).
- 11 logistics properties in Kansas City (November 2021).
- 7 logistics properties in Chicago (June 2022).
- Completion of Grab HQ (July 2021).
- Several other development completions in Singapore and Australia.
- 1314 Ferntree Gully Road, Melbourne (June 2021).
- 82 Noosa Street and 62 Stradbroke Street, Brisbane (July 2021).
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- Expect margins to remain close to current levels as utility contracts have been locked in until December 2022.
1H22 DPU of 7.873 cents in line with projections.
13.2% positive rental reversions in 2Q22.
Portfolio occupancy improved further to 94.0%.
Capital management metrics maintained, but could see financing costs edge up.
S$566m worth of ongoing projects to drive income growth.
Our Thoughts
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