CapitaLand Ascendas REIT (CLAR) has reported portfolio occupancy of 91.3% for the 3QFY2025 ended Sept 30, 0.5 percentage points lower than the occupancy rate of 91.8% in the quarter before. All of CLAR’s markets, except Australia, saw q-o-q dips.
Weighted average lease expiry (WALE) as at Sept 30 stood stable at 3.6 years.
The REIT’s portfolio rental reversion for the quarter stood at 7.6%, down from 8% in the 2QFY2025, led by the US and Singapore, offset by the UK and Europe. The figure is calculated based on the percentage change of the average gross rent over the lease period of the renewed leases against the preceding average gross rent from the lease start date. It takes into account the renewed leases in multi-tenant buildings signed in 3QFY2025. Average gross rents are weighted by the area renewed, says CLAR.
The REIT expects portfolio rental reversions to be in the positive low double-digit range for FY2025. Of the total gross rental income, 4.5% is due for renewal in FY2025.
As at Sept 30, CLAR’s aggregate leverage stood at 39.8%, higher than the 37.4% posted in June. Interest coverage ratio stood at 3.6 times, down from 3.7 times in the previous quarter.
According to the REIT’s update for the quarter, 77% of its portfolio are hedged for overseas investments to mitigate foreign exchange (forex) fluctuations.
See also: CapitaLand India Trust reports 10% growth in total and net property income in 3Q2025
During the quarter, CLAR completed and announced $1.32 billion worth of acquisitions comprising five properties in Singapore, while it is conducting divestments worth $381.5 million in the same period.
As of Sept 30, CLAR has assets under management (AUM) of $17.7 billion, with majority — or 67% — of its assets in Singapore.
Units in CLAR closed 1 cent lower or 0.35% down at $2.82 on Oct 31.
