- CapitaLand Ascendas REIT's 1H25 revenues and NPI were lower y-o-y, but improved h-o-h.
- Gross revenue declined 2.0% y-o-y to S$ 754.8mil, primarily due to the divestment of five assets across Singapore, Australia, and the US, as well as the decommissioning of a UK property for redevelopment. This was partially offset by contributions from the DHL Indianapolis Logistics Center acquired in January 2025.
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- As compared to 2H24, revenues and NPI were actually 0.2% and 0.4% higher h-o-h, respectively. This was mainly due to the acquisition of DHL Indianapolis Logistics Centre earlier this year that more than offset the divestments executed in early FY24.
1H25 DPU of 7.477 cents in line with our projections.
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- The decline was driven by dilution from a larger unit base following the S$500mil equity placement on 6 June 2025 and issuance of units for management fees.
- On a h-o-h basis, CapitaLand Ascendas REIT's DPU fell 2.7% due to higher interest expenses and the enlarged unit count. Due to the timing difference, the newly issued units led to a slight drag on earnings, as the acquisition of 5 Science Park Drive and 9 Tai Seng Drive is only expected to be completed in the coming weeks (estimated DPU accretion of ~1.36% on an annualised basis).
Portfolio occupancy remained healthy at 91.8%.
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