Link: https://links.sgx.com/1.0.0/corporate-announcements/Q4R5HJANDQ31684H/640d07400c75d398dcd939b35fba9beb066b1d4f1d8ea83f4688616e2d320262

Summary:

• Portfolio & Scale:

  • S$16.8B of investment properties, with 225 assets diversified across Singapore (65%), Australia (13%), US (12%), and UK/Europe (10%).

  • Asset classes include Business Space & Life Sciences (36%), Industrial & Data Centres (29%), and Logistics (26%).

  • Portfolio is strategically weighted towards growth sectors (digitalisation, e-commerce, life sciences).

• Financial Performance (1H 2025):

  • Gross revenue: S$754.8M (down 2% YoY, due to asset disposals and decommissioning).

  • Net property income: S$523.4M (down 0.9% YoY).

  • Distributable income: S$331.1M (flat YoY); Distribution per unit (DPU): 7.477 cents (down 0.6% YoY due to higher unit base).

  • Portfolio occupancy: 91.8% (slight dip from 92.8% at end-2024), with stable high occupancy across markets.

  • Rental reversions averaged +9.5% for 1H25; guidance is for positive mid-single-digit rental reversions for FY2025.

• Key Transactions & Developments:

  • Completed S$153.4M acquisition of DHL Indianapolis Logistics Center (US).

  • Completed S$300.2M redevelopment of Science Park Drive (Singapore).

  • Announced S$724.6M of new Singapore asset acquisitions; S$350.1M in UK logistics acquisitions under development, raising UK logistics AUM by 44%.

  • Several strategic divestments at premiums to valuations, improving portfolio quality.

• Capital Management:

  • Healthy aggregate leverage: 37.4% (ample headroom to MAS’s 50% limit), S$4.5B of debt headroom.

  • Fixed rate debt: ~76%, with 3.2 years average debt maturity. Interest coverage ratio: 3.7x.

  • Moody’s A3 issuer rating; robust funding access, with 38% of borrowings as green financing.

  • 93.2% of properties unencumbered.

• Market Outlook & Strategy:

  • Remains resilient amid macro uncertainty; global and Singapore growth forecasts conservative, possible trade/interest rate headwinds.

  • Focused on asset enhancement, sustainability upgrades, and selective accretive acquisitions (e.g., data centre and logistics properties).

  • Targeting further expansion in UK logistics, ongoing development pipeline (S$848.5M in active projects).

• ESG & Sustainability:

  • Active green financing programme (S$2.6B), major asset certifications (BCA Green Mark Platinum, BREEAM “Excellent”).

  • Ongoing initiatives for energy efficiency, resilient supply chains, and supporting tenant transformation.

TL;DR: CLAR remains the largest industrial S-REIT by asset size, executing on a balanced growth and capital discipline strategy. 1H25 was marked by stable distributables, quality portfolio enhancements, robust capital management, and continued progress in green asset development and international diversification.