CapitaLand Ascendas REIT 2H24 - UOB Kay Hian 2025-02-10: Stepping Up On Redevelopment Projects Locally & Abroad

• CapitaLand Ascendas REIT achieved an average rental reversion of 8.6% in 4Q24 and saw a broad-based rise in occupancies across Singapore, Australia and the US.
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Generating growth from cost efficiency.

• Gross revenue fell 1.1% y-o-y in 2H24 due to the divestment of three logistics properties in Australia and one logistics property in Singapore as well as the decommissioning of Welwyn Garden City in the UK and 5 Toh Guan Road East in Singapore for redevelopment.
• NPI margin improved 1.8ppt y-o-y to 69.3% due to lower operating expenses. Thus, NPI grew 1.4% y-o-y. Finance costs decreased 1.9% y-o-y.

Broad-based rise in occupancies across Singapore, Australia & the US.

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• Australia: +0.8ppt q-o-q to 92.5%,
• UK/Europe: unchanged at 99.3% and
• US: +1.8ppt q-o-q to 88.9%.

Occupancy for ONE@Changi City at Changi Business Park (CBP) improved 18ppt q-o-q to 99.5%.

Occupancy for two logistics properties in Kansas City in the US, Lackman Business Centre 1-3 and 4, were restored back to 100%.

Clocked high single-digit positive rental reversion.

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Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2025-02-10 SGinvestors.io

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