- CapitaLand Ascendas REIT's FY25 gross revenue increased 1.0% y-o-y to S$ 1,538.6mil and NPI rose 1.7% y-o-y to S$ 1,067.6mil, with property operating expenses down 0.4% y-o-y to S$ 471.0mil. this helped NPI grow at a slightly faster pace of ~1.7% compared to revenue growth.
Gross revenue and NPI rose modestly in FY25, supported mainly by acquisitions.
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- By geography in 2H25, Singapore remained the key growth engine with NPI up 8.1% y-o-y, while Australia and the US saw weaker NPI trends on softer top line and, in Australia’s case, higher expenses.
FY25 DPU of 15.005 cents was ~1.3% lower y-o-y - in line with estimates.
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- FY25 distributable income rose 1.4% y-o-y to S$ 678.3mil, but FY25 DPU fell 1.3% y-o-y, broadly in line with our estimates. In 2H25, distributable income increased 2.7% y-o-y to S$ 347.2mil, yet DPU fell 2.0% y-o-y to 7.528 cents as the applicable unit base rose 4.8% y-o-y to 4,612mil units, reflecting the S$ 500mil equity fundraising in June 2025 and additional unit issuance for fees.
Portfolio occupancy dipped marginally q-o-q due mainly to portfolio recalibration.
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