- CapitaLand Ascendas REIT provided a business update for 3Q25. No profit and loss statement items were reported.
- Portfolio rental reversions eased from 11.0% in 1Q25 and 8.0% in 2Q25 to 7.6% in 3Q25. Although sequential improvements were seen in Singapore (+0.7ppt to 8.5%) and the US (+0.2ppt to 11.1%), this was dragged down by its UK/Europe portfolio, which registered negative rental reversions of 2.5% due to renewals at its data centre assets.
Rental reversions expected to pick up firmly in 4Q25.
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Portfolio occupancy declined 0.5ppt q-o-q to 91.3%.
- Overall portfolio occupancy slipped 0.5ppt q-o-q to 91.3% after improving by 0.3ppt in the preceding quarter. Only Australia registered an increase in occupancy (+1.7ppt to 94.8%), while there were slight declines in Singapore (-0.8ppt to 90.4%) and UK/Europe (-0.1ppt to 98.8%).
- US saw a larger 2.0ppt sequential dip in occupancy to 85.3% due to weakness of its business space segment at Raleigh. There have been some non-renewals and downsizing of tenants, with longer backfilling lead times observed in the Raleigh market.
Higher aggregate leverage ratio of 39.8% as capital recycling activities gathered momentum.
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