CapitaLand Ascendas REIT 1H24 distribution per unit fell 2.5% year-on-year to 7.524 cents.
Summary of CapitaLand Ascendas REIT's 1H24 results
CapitaLand Ascendas REIT reported its results and dividends for the first half of 2024 (1H24).
- CapitaLand Ascendas REIT (CLAR) declared DPU of 7.524 cents in 1H24, which was 2.5% lower than 1H23 due to a bigger unit base.
- This translates to an annualized yield of 5.6%.
- Distributable income rose 1% year-on-year to S$330.8m, despite 14.3% higher net finance cost to S$138m.
Source: CapitaLand Ascendas REIT
Gross revenue rose 7.2%, derived from acquisitions and completion of development work in 2023.
Net property income (NPI) yield edged higher to an annualized 6.3% in 1H24 (FY23: 6.0%) with positive rental reversion of 13.4% and high portfolio occupancy rate of 93.1%.
Management expects the rent reversion to rise at a slower pace of positive high single-digit for FY24.
Singapore, Australia and UK/Europe have maintained or improved on occupancy rates. US’ occupancy declined to 87.7%, down 1.8% point from end-Mar, due to expiry of leases at two single-tenant properties....
