CapitaLand Ascendas Reit H2 DPU rises 3.2% to S$0.07681

THE distribution per unit (DPU) of CapitaLand Ascendas Real Estate Investment Trust (Clar) for the second half ended Dec 31, 2024, was S$0.07681 – 3.2 per cent higher than S$0.07441 from the corresponding year-ago period, its manager said on Thursday (Feb 6).

The distribution will be paid on Mar 11, after the record date of Feb 14.

Distributable income rose 3.4 per cent year on year (yoy) to S$338 million, from S$326.9 million.

Revenue declined 1.1 per cent to S$753 million, from S$761.7 million. This was attributed to divestments in Australia in February 2024 and a Singapore logistics property in November 2024. This was partially offset by the completion of office building MQX4 in Australia and a convert-to-suit project of an office, 6055 Lusk Boulevard, in the US.

Despite the revenue fall, net property income rose 1.4 per cent on-year to S$521.5 million, from S$514.3 million.

On a full-year basis, DPU was up 0.3 per cent at S$0.15205 in FY2024, from S$0.1516 in FY2023. Distributable income increased 2.2 per cent to S$668.8 million, from S$654.4 million.

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Revenue for the year climbed 2.9 per cent to S$1.52 billion, from S$1.48 billion. Net property income expanded 2.6 per cent on-year to S$1.05 billion, from S$1.02 billion. The gains in revenue and net property income were driven by full-year contributions from properties acquired and completed in FY2023, as well as “robust operations” from the portfolio’s assets.

As at Dec 31, 2024, the occupancy rate of the portfolio increased to 92.8 per cent, compared with 92.1 per cent as at Sep 30, 2024.

The valuation of Clar’s portfolio of 225 investment properties was S$16.8 billion.

Commenting on the results, William Tay, chief executive and executive director of Clar’s manager, said: “We will continue to leverage our strong financial position and asset management expertise to navigate market conditions and deliver returns for unitholders.”

Units of Clar closed at S$2.59, up 0.8 per cent or S$0.02, on Thursday before the results were released.