CapitaLand Ascendas REIT grows FY2025 distributable income 1.4% to S$678m, DPU dips 1.3% on enlarged unit base and S$1.5bn acquisition drive
Summary:
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Distributable income rose 1.4% year on year to S$678.3 million in FY2025, underpinned by S$1.0% higher gross revenue of S$1,538.6 million and 1.7% growth in net property income to S$1,067.6 million, helped by lower property opex.
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FY2025 DPU eased 1.3% to 15.005 cents due to a 2.8% larger unit base post-June 2025 equity fundraising, translating into a 5.3% yield on the S$2.83 year-end unit price, with 2H2025 DPU at 7.528 cents payable on 13 March 2026.
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Portfolio valuation climbed 8.6% to S$18.2 billion on acquisitions and redevelopment, with same-store values up 2.0% to S$16.6 billion and segment gains led by Industrial & Data Centres (+4.0%) and Logistics (+1.1%).
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CLAR completed about S$1.5 billion of accretive acquisitions at initial NPI yields of 6.1–7.6%, divested S$506.5 million of non-core assets at c.9% above valuation, and reached 90.9% occupancy with robust 12.0% positive rental reversions and a 3.7-year WALE across 226 properties.
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Balance sheet metrics remained disciplined with 39.0% aggregate leverage, 75.4% of debt on fixed rates, 3.1-year debt maturity and only 12% of borrowings to be refinanced in FY2026, while green financing rose to about S$3.3 billion (44% of borrowings) and 75% of GFA is now green-certified.