CapitaLand Ascendas REIT - UOB Kay Hian 2024-10-30: 3Q24 Results In Line

• CapitaLand Ascendas REIT announced its 3Q24 business update:

Clocked double-digit positive reversion.

• CapitaLand Ascendas REIT achieved positive rental reversion of 14.4% for leases that were renewed in multi-tenant buildings in 3Q24 (Singapore: +12.2%, Australia: +14.9% and US: +22.9%). Rental reversion was particularly robust for logistics properties at 31.7% for Singapore and 52.3% for Australia.
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Portfolio occupancy eased 1.0ppt q-o-q to 92.1% in 3Q24.

• Occupancy for Australia slipped 5.1ppt q-o-q to 91.7% due to non-renewal at 6-20 Clunies Ross Street in Sydney. CapitaLand Ascendas REIT had previously cautioned that demand for logistics properties in Australia has normalised and leasing downtime has reverted to the usual 6-12 months. Management is in discussions with prospective tenants to backfill the vacant space.
• - Read this at SGinvestors.io -
• Occupancy for Singapore was stable at 92.0%.

Prudent capital management.

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Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-10-30 SGinvestors.io

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