News

Commercial Property

Staff Reporter

, Singapore

Published:

1 year ago

169 views

In 1H 2023, CLAR completed three accretive acquisitions in Singapore with an aggregate purchase consideration of S$514.9 million. The acquisitions were a high-tech industrial property at 622 Toa Payoh Lorong 1 (Photo from CLAR)

CapitaLand Ascendas REIT’s net property income rises 6.7% YoY to $508.8m in 1H23

The REIT attributed the increase to “robust operational performance.”

Robust operational performance and high portfolio occupancy boosted CapitaLand Ascendas REIT’s (CLAR) net property income to $508.8m in 1H23, a 6.7% increase from 1H22.

Based on CLAR”s latest financial statement, its portfolio occupancy hit 94.4% in 1H23.

Apart from high portfolio occupancy, newly acquired properties in Singapore in 1H 2023 and the US in FY2022 drove the increase in the REIT’s NPI.

Higher utilities income and service charges from the Singapore portfolio also contributed to the improved performance of the REIT.

Despite the higher NPI, CLAR delivered a lower DPU of $0.07719 due to “the lower distribution and the enlarged unit base following the issuance of new units pursuant to CLAR’s private placement in May 2023.”

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