CapitaLand Ascendas REIT (A17U) investor relations material

Executive summary

• Distributable income rose 8.6% year-over-year to S$359.4 million for H1 2026, with DPU stable at 7.482 cents, driven by acquisitions and improved property performance, offsetting divestments.

• Gross revenue increased 6.7% year-over-year to S$805.5 million, and NPI rose 6.2% to S$556.1 million, supported by acquisitions and resilient properties.

• Portfolio AUM reached S$20.1 billion across 234 properties, with 65% in Singapore.

• Portfolio occupancy was 89.1% as of June 30, 2026, with rental reversions averaging 8.5% for H1.

• Net income attributable to unitholders declined 6.0% year-over-year to S$280.3 million, mainly due to higher finance costs and FX losses.

Financial highlights

• Gross revenue: S$805.5 million (+6.7% YoY); NPI: S$556.1 million (+6.2% YoY); Distributable income: S$359.4 million (+8.6% YoY).

• DPU: 7.482 cents (flat YoY, -0.6% vs 2H 2025); NAV per unit: S$2.27 as of June 30.

• Aggregate leverage: 39.7%; Interest coverage ratio: 3.5x; Weighted average cost of debt: 3.5%.

• 70.1% of debt is fixed rate; average debt maturity: 2.5 years.

• Cash and cash equivalents at period end: S$264.1 million.

Outlook and guidance

• Rental reversion guidance raised to high-single digit due to strong leasing momentum.

• Portfolio expected to remain resilient and diversified, with stable returns despite slower global growth and inflationary pressures in 2026.

• Focus remains on Singapore and logistics/data center assets, with further income from new developments expected in H2.

• Manager to pursue further acquisitions, redevelopments, and AEIs to optimize returns.

• Singapore GDP expected to grow in 2H 2026, supported by AI-related capex and construction pipeline.