CapitaLand Ascendas REIT - OCBC Investment 2023-08-02: Rental Reversions Continue To Shine

• CapitaLand Ascendas REIT’s 1H23 results met our expectations. Gross revenue and net property income (NPI) rose 7.7% and 6.7% y-o-y to S$718.1m and S$508.8m due mainly to contributions from acquisitions. However, DPU fell 2.0% y-o-y to S$0.07719, but this met our expectations as it accounted for 49.9% of our initial FY23 forecast.
• - Read this at SGinvestors.io -

Strong rental reversions of 18.0% in 2Q23 with guidance raised

• CapitaLand Ascendas REIT (SGX:A17U) reported another quarter of robust rental reversions, which came in a strong positive at 18.0% for its entire portfolio in 2Q23. In terms of geographical breakdown, rental reversions were +19.5% in Singapore, 12.9% in Australia and 11.0% in the US. For Singapore, Logistics was the shining star, with a stellar rental uplift of 39.1%, while Business Space and Life Sciences also saw solid rental reversions of 17.9%.
  • - Read this at SGinvestors.io -
• CapitaLand Ascendas REIT’s portfolio occupancy was unchanged q-o-q at 94.4%, as the slight decline in the US (-0.4 ppt q-o-q to 92.1%) was offset by Australia (+0.2 ppt q-o-q to 99.5%).
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Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2025-04-29 CapitaLand Ascendas REIT - Still Strong Rental Reversions But Weaker Occupancy.

Previous report by OCBC:
2025-02-07 CapitaLand Ascendas REIT - Portfolio Rejuvenation Set To Continue.

Price targets by other brokers at CapitaLand Ascendas REIT Target Prices.

Listing of research reports at CapitaLand Ascendas REIT Analyst Reports.

Relevant links:
CapitaLand Ascendas REIT Share Price History,
CapitaLand Ascendas REIT Announcements,
CapitaLand Ascendas REIT Dividend Payout Dates & Corporate Actions,
CapitaLand Ascendas REIT News