CLAR’s NPI rises 2.6% YoY in FY2024; DPU up 0.3%

DPU for the period stood at $0.15205.

CapitaLand Ascendas REIT (CLAR) reported a 2.6% year-on-year (YoY) increase in net property income to $1.05b from $1.02b in FY2024.

Distribution per unit (DPU) for the period stood at $0.15205, increasing 0.3% YoY, whilst distributable income rose 2.2% YoY to $668.8m.

Gross revenue rose 2.9% YoY to $1.5b, up from $1.48b a year ago.

This growth was driven by the full-year contribution from properties acquired and completed in FY2023, as well as the portfolio’s robust operations.

Portfolio occupancy remained healthy at 92.8% and leases renewed in FY2024 achieved a high positive average rental reversion of 11.6%.

Meanwhile, strategic divestments of logistic properties in Australia and Singapore brought CLAR’s portfolio from 232 to 229 properties with a total valuation of $16.8b.