CapitaLand Ascendas REIT (A17U) Q3 2025 TU earnings summary

Executive summary

• Completed S$1.3B in accretive acquisitions, adding five Singapore properties at 6–7% yields.

• Divested S$381.5M in assets at ~7% premium to valuation, recycling capital into higher-quality assets.

• Redeveloped 5 Toh Guan Road East, increasing GFA by 71%; developed green-certified logistics in the UK.

• Portfolio occupancy at 91.3%, with 7.6% portfolio rental reversion in 3Q 2025.

Financial highlights

• Aggregate leverage rose to 39.8% as of 30 Sep 2025 (from 37.4% in Jun 2025).

• Cost of debt stable at 3.6%; S$1.0B capital raised for refinancing, including S$700M green notes.

• Interest coverage ratio at 3.6x; net debt/annualised EBITDA at 8.5x.

• 77.6% of debt on fixed rates; green financing accounts for 44% of borrowings.

Outlook and guidance

• Global growth projected to slow to 3.2% in 2025; downside risks remain.

• Singapore GDP growth forecast upgraded to 1.5–2.5% for 2025; portfolio expected to exceed S$12B.

• US, Australia, UK/EU portfolios benefit from high occupancy, long WALE, and targeted expansion.

• Rental reversion for FY 2025 expected in the positive low double-digit range.