Ascendas REIT posts higher rental reversion of 4.6% in Q1 2022

Last quarter, the average was 2.9%.

Ascendas REIT posted a higher rental reversion for Q1 2022 at 4.6%, its latest business update showed.

Amongst countries where the REIT has assets, Australia had the highest rental reversion at 16.5%, followed by the United States at 14.0%, and Singapore at 3.9%. 

On the other hand, the United Kingdom had no new renewals during the period.

Despite the improved rental reversion for the quarter, the REIT expects its full-year record to be in the "positive low single-digit range in view of current market uncertainties."

The weighted average lease term of new leases signed in the first quarter was 4.2 years and contributed 2.1% of Q1 2022 total gross revenue. About 16.5% of the REIT's portfolio's gross rental income is also due for renewal in FY2022.

Last quarter, its average was 2.9%.