CapitaLand Ascendas REIT - OCBC Investment 2024-10-28: Acceleration In Rental Reversions An Offset To Lower Occupancy

• CapitaLand Ascendas REIT provided a business update for 3Q24. No profit and loss statement items were reported.

3Q24 rental reversions accelerated to 14.4% versus 11.7% in 2Q24

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• Rental reversions in the US were the strongest during the quarter at 22.9%, and this was driven by its business space and life sciences properties.
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• business space properties +9.5%.

CapitaLand Ascendas REIT maintained its FY24 portfolio rental reversions guidance of “high single digit range”, but this is conservative, in our view, as all three quarters of FY24 delivered double-digit rental uplifts.

Portfolio occupancy fell 1.0 ppt q-o-q to 92.1%

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OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-10-28 SGinvestors.io

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