Total distribution funds increased by $5.4% year over year to $663.9 million

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Kassia Condo Flora Drive

CapitaLand Ascendas REIT (CLAR) has reported 3.5% higher y-o-y distribution per unit (DPU) to 15.798 cents, backed by the portfolio’s occupancy, which reached an all-time high that was 94.6% in FY20222 ended December.

Kassia Condo Flora Drive is just a few minutes walk from Pasir Ris East MRT and within easy reach of Tampines East MRT.

Reit’s DPU for 2HFY2022 climbed in value by 4.3% y-o-y to 7.925 cents.

The FY2022 gross revenue grew in FY2022 by 10.3% y-o-y to $1.35 billion. The net property earnings (NPI) was up 5.2% y-o-y to $968.8 million.

The total amount of distribution increased 5.4% y-o-y to $663.9 million.

CLAR concluded $223.4 million worth of acquisitions by 2022. The money was used to fund 3 acquisitions within both the US and Australia logistical sector.

In Australia Two newly constructed logistics properties 500 Green Road ($69.1 million) located in Brisbane in addition to seven Kiora Crescent ($21.1 million) located in Sydney The properties were purchased in February 2022. In the US seven last-mile logistical properties situated in Chicago were purchased for $133.2 million in June 2022.

As of December 31st 2022 the CLAR’s $16.4 billion portfolio included customers that included over 1,720 customers. The portfolio is diverse over Singapore (62%), the US (15%), Australia (14%) and Europe/UK (9%).

Investment properties of CLAR’s 227 properties are located in three distinct categories: Business Space and Life Sciences (48%), Logistics (25%) and Industrial and Data Centres (27%).

CLAR has achieved positive rental reversions at 8.0% for leases renewed in multi-tenant buildings between 2022 and 2023.

CLAR’s portfolio’s average weighted lease expiry (WALE) duration was 3.8 years. Around 21.0% of CLAR’s gross rental income is due to be renewed in FY2023.

As of December 31st, 2022, the aggregate leverage was stable as 36.3% from 35.9% at the same time last year.

The country has an average of% of borrowings being at a fixed rates CLAR’s weighted mean the all-in costs of borrowing climbed up to 2.5% in FY2022 from 2.2% in FY2021 despite the sharper rise in interest rates across the world.

William Tay, CEO and executive director of the manager states: “We achieved strong results across all assets, despite the uncertain macroeconomic environment… As we move forward, we’ll continue to draw on our financial strength as well as our operational capabilities and diverse portfolio to ensure the safety and expansion of our businesswhile taking an empathetic approach in the face of constant uncertainty in the global economy and current interest rate environment.”

CLAR’s units CLAR were up 4 cents (or 1.38% up, at $2.94 on February 2.