CapitaLand Ascendas Reit posts 0.6% drop in H1 DPU to 7.477 Singapore cents

[SINGAPORE] INDUSTRIAL property player CapitaLand Ascendas Reit’s (Clar) distribution per unit (DPU) fell 0.6 per cent for the half-year ended June to S$0.07477, on the back of an enlarged unit base.

The real estate investment trust’s (Reit) unit base had increased 0.7 per cent year on year to around 4.4 billion units during a private placement in May this year to fund acquisitions.

Clar also posted a lower H1 revenue, which was down 2 per cent year on year at S$754.8 million. This was mainly due to the divestment of five properties in Australia, Singapore and the US, as well as the decommissioning of a property in the UK for redevelopment in June 2024.

The decrease was partially offset by the acquisition of a property in the US in January 2025.

Consequently, net property income (NPI) fell 0.9 per cent to S$523.4 million.

The total amount available for distribution went up marginally by 0.1 per cent to S$331.1 million.

The stable distributable income despite macroeconomic uncertainties reflects the “continued strength of (Clar’s) diversified portfolio, operational management and disciplined execution of our capital management strategies”, said William Tay, chief executive officer and executive director of the manager, in a statement on Monday (Aug 4).

As at Jun 30, Clar’s portfolio occupancy remained stable at 91.8 per cent. The occupancy rate for its Singapore portfolio was 91.2 per cent, while the rate for its US portfolio was 87.3 per cent.

The occupancy rate of the Australia portfolio stood at 93.1 per cent while that of the UK and Europe portfolio remained at 98.9 per cent.

The Reit’s aggregate leverage stood at 37.4 per cent, down from 38.9 per cent at the end of March, following the equity fund raising of S$500 million in May 2025.

Clar units closed Monday at S$2.80, up 2.2 per cent or S$0.06.