CapitaLand Ascendas REIT’s NPI up 3.9% to $528.4m in H1

New acquisitions and completed projects drove the increase.

CapitaLand Ascendas REIT (CLAR) saw its net property income rise 3.9% year-on-year (YoY) to $528.4m in the first six months of 2024, its latest bourse filing showed.

In a press release, CLAR attributed the growth to contributions from acquisitions and newly completed projects in 2023.

Gross revenue for the period is $770.1m, 7.2% higher than a year earlier.

Distribution per unit (DPU) is 7.524 cents for H1– 2.5% lower than the 7.719 cents a year earlier.

Total amount available for distribution rose 1% YoY to $330.8m during the same period. William Tay, CLAR manager’s CEO and executive director, attributed this to higher revenue and net property income, as well as stable cost of debut.

Meanwhile, the number of CLAR units rose 3.7% to 4.39 billion in H1 2024 versus over 4.2 billion in H1 2023.

Finance costs were 16.3% YoY higher at $123.3m, which CLAR attributed to higher interest expenses in an elevated interest rate environment as well as higher borrowings.

CLAR reported a portfolio occupancy of 93.1%, and positive rental reversion of 13.4% for leases renewed in the first six months of the year.

In Singapore, the occupancy rate was 92% as of 30 June 2024, a slight decrease from the 92.3% occupancy on 31 March.

Its portfolio is worth $16.9b as of 30 June, with a customer base of over 1,780 tenants. Geographically, most of its properties are in Singapore (64%), Australia (14%), and the US (12%). The remainder is in the UK and across Europe.

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