CapitaLand Ascendas REIT (A17U) H1 2025 earnings summary

Executive summary

• Distributable income for 1H 2025 was S$331.1 million, up 0.1% year-over-year, with DPU at 7.477 cents, down 0.6% year-over-year.

• Gross revenue for 1H 2025 was S$754.8 million, down 2.0% year-over-year, mainly due to divestments and decommissioning, partially offset by a US logistics acquisition.

• Net property income decreased 0.9% year-over-year to S$523.4 million.

• Portfolio occupancy remained healthy at 91.8% as of 30 June 2025, with positive rental reversions of 9.5%.

• Total return attributable to unitholders fell 14.6% year-over-year to S$298.3 million.

Financial highlights

• Net property income margin remained stable at 69.3%.

• Earnings per unit (EPU) was 6.735 cents, down 15.3% year-over-year.

• Aggregate leverage improved to 37.4% as of 30 June 2025.

• Interest coverage ratio was 3.7x.

• Cash and cash equivalents at period end were S$180.9 million.

Outlook and guidance

• Portfolio rental reversion for FY 2025 is expected to remain in the positive mid-single digit range.

• Manager remains disciplined in pursuing accretive opportunities and expects stable returns supported by a diversified tenant base and long WALE.

• Macroeconomic uncertainties, including global trade tensions and inflation, are expected to persist.

• Singapore portfolio expected to grow to S$11.8 billion with new acquisitions.