On 5 February 2026, CapitaLand Ascendas Real Estate Investment Trust (“CLAR”) released their full year result for FY2025. CLAR maintained a stable operational profile this quarter, characterized by robust growth in net property income. However, top-line gains were offset by an expanded unit base, resulting in a marginal DPU improvement in comparison. Looking ahead to FY2026, management’s guidance for mid-single-digit rental reversions suggests a normalization of growth following the double-digit reversions seen in previous cycles. A key area of concern is the 6.8% decline in occupancy within the United Kingdom/Europe portfolio. While this segment remains a smaller component of the total REIT, representing approximately 9% of the SGD18.2 billion portfolio valuation, the magnitude of the vacancy increase presents a localized risk to total income stability and could exert downward pressure on overall DPU if high-spec space remains unlet. Subsequent to the result announcement, on 27 February 2026, CLAR announced the strategic acquisition of six Grade A logistics properties in Madrid and Barcelona, Spain, for a gross consideration...