CapitaLand Ascendas REIT (A17U) Q1 2026 TU earnings summary

Executive summary

• Portfolio value reached S$18.6 billion as at 31 Mar 2026, anchored in Singapore with strategic expansion into Japan and other developed markets.

• S$1.6 billion in DPU-accretive acquisitions announced or completed, including a debut investment in a Japanese data centre and major logistics assets in Spain and Singapore.

• Portfolio occupancy stood at 90.5% as at 31 Mar 2026, with rental reversions averaging 10.6% for 1Q 2026.

Financial highlights

• Aggregate leverage increased to 42.0% due to recent acquisitions, expected to improve to ~37.3% post S$903.5 million equity fund raising.

• Weighted average all-in debt cost remained stable at 3.5%, with 70% of debt at fixed rates.

• Interest coverage ratio at 3.5x, with robust financial metrics exceeding bank covenants.

• Net debt/annualised EBITDA at 9.1x; 100% of investment properties are unencumbered.

Outlook and guidance

• Global growth projected to slow to 3.1% in 2026, with downside risks from geopolitical conflicts and inflation.

• Singapore GDP grew 4.6% YoY in 1Q 2026 but is expected to moderate; MAS tightened policy in April 2026.

• US, Australia, and Europe portfolios expected to remain resilient, with proactive asset management and selective acquisitions.