CapitaLand Ascendas REIT 1H 2025 Financial Analysis

Financial Metrics Highlighted in the Report

• Gross Revenue (1H 2025 vs 1H 2024): S\$754.8m (2025) vs S\$770.1m (2024) – decrease of S\$15.3m (-2.0%) [[11]]
• Net Property Income (NPI) (1H 2025 vs 1H 2024): S\$523.4m (2025) vs S\$528.4m (2024) – decrease of S\$5.0m (-0.9%) [[11]]
• Singapore Portfolio NPI: S\$359.2m (2025) vs S\$351.1m (2024) – increase of S\$8.1m (+2.3%) [[11]]
• Australia Portfolio NPI: S\$45.1m (2025) vs S\$54.3m (2024) – decrease of S\$9.2m (-16.9%) [[11]]
• UK/Europe Portfolio NPI: S\$48.3m (2025) vs S\$53.7m (2024) – decrease of S\$5.4m (-10.0%) [[11]]
• United States Portfolio NPI: S\$70.8m (2025) vs S\$69.3m (2024) – increase of S\$1.5m (+2.2%) [[11]]
• Occupancy Rate (Group, as at 30 June 2025): 91.8% (vs 92.8% at 31 Dec 2024, 93.1% at 30 June 2024) [[8]]

Year-on-Year and Quarter-on-Quarter Performance Comparison

• Year-on-Year (1H 2025 vs 1H 2024):
  • Gross Revenue and Net Property Income declined slightly (-2.0% and -0.9% respectively) [[11]]
  • SINGAPORE showed a positive NPI growth (+2.3%) mainly due to organic rental growth and lower operating expenses [[12]]
  • AUSTRALIA and UK/EUROPE suffered declines in NPI, attributed to divestments and lower occupancy/higher expenses [[12]]
  • UNITED STATES posted a small gain in NPI (+2.2%) [[11]]
• Quarter-on-Quarter: Not directly available; only half-yearly comparisons are shown.

Historical Performance

• Overall, the REIT is experiencing a slight decrease in both revenue and net property income compared to the previous year. Singapore remains resilient, while other markets are softer, primarily due to asset divestments and lower occupancy rates in select regions [[11]][[12]].

Error in Financial Report

• No explicit errors identified. The report notes, “Any discrepancies in the figures included herein between the listed amounts and totals thereof are due to rounding.” [[2]]

Asset Revaluation or Delay

• No mention of asset revaluation or delay of such action in the supplementary information provided.

Exceptional Earnings and Expenses

• No explicit mention of exceptional earnings or expenses in the report.

Early or Delayed Profit/Loss Recognition

• No mention of early or delayed booking of profits or losses.

Directors’ Pay

• No information provided on directors’ pay.

Potential Divestment or Fund-Raising Events

• Recent completed divestments:
  
  • 21 Jalan Buroh, Singapore, November 2024
  • Parkside, Portland, US, January 2025

  Recent acquisitions:

  • Summerville Logistics Center land, Charleston, US, November 2024
  • DHL Indianapolis Logistics Center, Indianapolis, US, January 2025 [[12]]

  No mention of new listings or other fund-raising events.

Potential or Past Events Impacting Performance

• No mention of natural disasters, disputes, court cases, government policy changes, cessation of tax benefits, or other macro events with significant impact.

New Share Issues, Buybacks, or Mandates

• No mention of new share issues, buybacks, or related mandates/plans.

Unusual Flow of Funds or Related Party Transactions

• No mention of unusual fund flows or related party transactions.

Commitment for Share Buyback

• No mention of share buyback commitments.

Sudden Jumps in Net Profit, Revenue, or EPS

• No sudden jumps. Revenue and NPI trends are relatively stable, with minor declines year-on-year due to divestments and occupancy changes [[11]][[12]].

Proposed Dividend and Changes from Previous Periods

• No dividend information provided in the supplementary information.

Other Proposed Corporate Actions

• No mention of other proposed corporate actions.

Details for Investors

• Portfolio occupancy rate fell to 91.8% from 93.1% one year ago [[8]]
• Gross revenue and NPI down slightly year-on-year, but Singapore segment performed well [[11]][[12]]
• Key acquisitions and divestments completed in the past 12 months [[12]]
• Business is well diversified by geography and tenant industry, with engineering, electronics, logistics, and ICT as key contributors [[13]][[14]]
• No signs of major risks or exceptional items in the period under review

Forecasted Events and Potential Impact

• No forward-looking statements or forecasts provided in the supplementary information.

Insights and Conclusion

• Positive: The portfolio is geographically and sectorally diversified. Singapore remains a strong anchor with positive NPI growth. Recent acquisitions in the US add scale and diversity.
• Negative: Decline in overall occupancy rates and revenue/NPI, mainly due to divestments and some weak spots in Australia and UK/Europe. No evidence of significant new growth catalysts in the period.
• Overall: The REIT remains fundamentally sound, with resilience in its core market and ongoing active portfolio management. Investors should monitor occupancy trends and future acquisition/divestment activity for growth signals. No red flags or unusual activity detected in the period under review.

View CapLand Ascendas REIT Historical chart here