- CapitaLand Ascendas REIT (SGX:A17U)’s S$16.9bn portfolio is well diversified across Singapore, the US, Australia, and UK/Europe. Its portfolio of future ready assets are in the business space and life sciences, logistics, industrial and data centre segments.
1H24 revenues and NPI were up y-o-y.
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- completion of the development of MQX4 (Australia), and the conversion of 6055 Lusk Boulevard (US) at the end of FY23.
- an increase in NPOI, partially offset by higher operating expenses.
1H24 DPU of 7.524 cents was in line with our projections.
- 1H24 CapitaLand Ascendas REIT's DPU was 2.5% lower y-o-y, but 1.1% higher h-o-h. The lower DPU y-o-y was mainly due to higher financing costs, as well as the enlarged unit base from the private placement in May 2023. However, DPU improved h-o-h as positive rental reversions drove revenues, while financing costs remained fairly stable h-o-h.
- 1H24 CapitaLand Ascendas REIT's DPU of 7.524 cents made up 49.5% of our FY24 projections.
Sustained strong positive rental reversions despite some decline in occupancy
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