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.
- Read this at SGinvestors.io -
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.
- Read this at SGinvestors.io -
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.
Read more at SGinvestors.io.
Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
Use Trust referral code PGKPSWAE to sign up NTUC Link or Trust Link Credit Card or open a Trust Bank Savings Account: ✨Earn up to S$1,000 cashback rewards 🎟!
