CapitaLand Ascendas REIT NPI down 0.9% to $523.4m in H1

DPU also fell 0.6% to 7.477 cents.

CapitaLand Ascendas REIT (CLAR) reported net property income (NPI) of $523.4m for the first half of 2025, down 0.9% from a year ago.

The decline was mainly due to the sale of five properties in Singapore, Australia, and the US, and the redevelopment of a UK asset. These were partially offset by contributions from new acquisitions, including a logistics property in the US.

Gross revenue dropped 2% year-on-year to $754.8m. Distributable income remained stable at $331.1m, up 0.1%, whilst distribution per Unit (DPU) fell 0.6% to 7.477 cents due to a larger unit base after a private placement in May.

CLAR added the DHL Indianapolis Logistics Center to its US portfolio for $153.4m.

It also secured unitholder approval for the acquisitions of 9 Tai Seng Drive and 5 Science Park Drive in Singapore, totaling $724.6m, with completion expected in the second half of 2025. Both properties are fully leased and income-generating.

In Singapore, the redevelopment of 1 Science Park Drive was completed at a cost of $883m. The asset is already 95% committed or under negotiation, mainly by life sciences and tech firms.

AEIs were completed at 80 Bendemeer Road (Singapore) and Perimeter Two (US), costing $4.6m. Six more projects are ongoing, with a combined investment of $498.4m, and will complete between Q3 2025 and Q1 2028.

CLAR also sold Parkside, a US business space asset, for $26.5m, 45% above its end-2024 valuation, as part of its capital recycling strategy.

As of 30 June 2025, CLAR's portfolio stood at $16.8b, with 225 properties across Singapore, Australia, the US, and Europe.

Portfolio occupancy was 91.8%, with strong rental reversions of +9.5% in 1H 2025. The weighted average lease expiry (WALE) was 3.7 years, and 8.9% of rental income is due for renewal in the rest of FY2025.

Singapore remains CLAR’s core market, accounting for 65% of the portfolio. With the two new acquisitions, this will rise to 67%.