CapitaLand Ascendas REIT - OCBC Group Research 2026-02-06: Master Of Portfolio Rejuvenation

• FY25 results within expectations – CapitaLand Ascendas REIT (SGX:A17U)’s 2H25 gross revenue and net property income (NPI) rose 4.1% and 4.3% to S$783.8m and S$544.1m respectively. However, net finance costs increased 11.6% to S$149.2m.
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Rental reversions strong at 12% in FY25 but expected to moderate to mid-single digit levels in FY26.

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• Looking ahead, CapitaLand Ascendas REIT guided that rental reversions for FY26 are expected to come in at around the mid‑single‑digit range. Underlying rents for Its logistics properties are still around 5-10% below current market rents, but we believe the outlook for its business space properties would be more challenging.

Portfolio occupancy slipped to 90.9%.

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Above is an excerpt from a report by OCBC Group Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Previous report by OCBC:
2025-11-03 CapitaLand Ascendas REIT - Surprising Uplift In Expected 4Q25 Rental Reversions.

Price targets by other brokers at CapitaLand Ascendas REIT Target Prices.

Listing of research reports at CapitaLand Ascendas REIT Analyst Reports.

Relevant links:
CapitaLand Ascendas REIT Share Price History,
CapitaLand Ascendas REIT Announcements,
CapitaLand Ascendas REIT Dividend Payout Dates & Corporate Actions,
CapitaLand Ascendas REIT News