- Full year gross revenue and NPI rose 2% and 3% y-o-y respectively to S$1,619.2m and S$1189.7m. The stronger performance was contributed by the consolidation of CapitaSpring Commercial, stronger asset performance with both SG office and retail reversions coming in at 6.6%, which offset income loss from 21 Collyer Quay divestment.
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FY25 Results ahead.
- Portfolio occupancy ended the year at 95.7% (-0.3 ppt q-o-q), on a slight decline in SG office occupancy and higher Germany occupancy (+5.4 ppt q-o-q) on progressive handover to anchor tenant European Central Bank. Operations continue to look healthy for both retail and office segments.
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- SG office continues to be supported by a tight supply landscape, with average passing rents increasing 2.1% y-o-y to S$10.95.
Valuations for the portfolio rose 5.1% y-o-y to S$25.9b.
- SG valuations rose 5.1% y-o-y, while Germany valuations rose 21.4%, notably at Galileo. The handover of Galileo to ECB is expected to restart income contribution from the asset from 2Q26 onwards, where upon stabilisation, should aid in management’s directive to divest Germany as a non-core market. This helped to offset valuation weakness in AU (-4.4%).
- Aggregate leverage ended the year at 38.6%, while average cost of debt trended down 3.2%, a 40 bps decline y-o-y.
Our view.
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