CapitaLand Ascendas REIT portfolio occupancy rate dips slightly to 93.3% for 1QFY2024

Bryan Wu04-22

The REIT's portfolio occupancy for the quarter ended March 31 was 1.1 ppt lower y-o-y and 0.9 ppt lower q-o-q.The manager of CapitaLand Ascendas REIT A17U (CLAR) has reported a portfolio occupancy of ...

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Meanwhile the weighted average lease term of new leases signed in 1QFY2024 was 4.4 years and contributed 1.2% of total gross revenue. \nDuring the quarter, CLAR completed the divestment of 77 Logistics Place, 62 Sandstone Place and 92 Sandstone Place, three logistics facilities in Queensland, Australia for a total of AU$73.0 million ($64.2 million).\nAs at end-March, CLAR’s aggregate leverage stood at 38.3%. About 82.6% of its borrowings are on fixed rates with an average term of 3.4 years. \nThe REIT has $530 million of borrowings due to be refinanced in FY2024. \nFor this period, CLAR maintained a high level of natural hedge of about 75% for its overseas investment to minimise the effects of any adverse exchange rate fluctuations. \nThe REIT has $551.0 million of ongoing projects in Singapore that will contribute to improving its portfolio quality, ranging from redevelopments to asset enhancement initiatives. These are expected to progressively complete from 3Q2024 onwards.\nThe manager notes that the global economy’s “stable but slow” outlook reflects continued restrictive monetary policies to fight inflation, withdrawal of fiscal support as well as low underlying productivity growth.\nNotwithstanding, the manager believes CLAR is well-positioned with its strong balance sheet and investment grade credit rating to seize growth opportunities to deliver sustainable returns and greater value to unitholders.\nUnits in CLAR closed 1 cent lower or 0.39% at $2.55 on April 22.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2429356185"}