$CapLand Ascendas REIT(A17U.SI)$
CLAR: CapitaLand Ascendas REIT - 1st quarter results update is out.Positive rental reversion of 10.6 percent. Occupancy rate of 90.5 percent. ICR 3.5x. Accretive acquisitions of 1.6b. NPI yield of min 4.3 percent. Gearing will decrease from 42 to 37.3 percent in April 2026.
• Aggregate leverage increased to 42.0% due to acquisitions of
i. DHL Canal Winchester in the US;
ii. Portfolio of six Grade A logistics properties in Spain; and
iii. Ascent (50%) in Singapore
• Aggregate leverage expected to improve to ~37.3% in Apr 2026,
immediately post EFR of S$903.5 million, assuming the net
proceeds of the EFR are fully used to repay debt facilities and
before the completion of the previously announced acquisitions1
• Available debt headroom of ~S$3.2 billion to reach MAS’s
aggregate leverage limit of 50.0%
• Robust financial metrics that exceed bank loan covenants by a
healthy margin
• A3 credit rating by Moody’s facilitates good access to wider
funding options at competitive rates.
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