CapitaLand Ascendas REIT FY2025: S$18.2B Portfolio, S$1.5B Acquisitions, DPU 15.005c

CapitaLand Ascendas REIT (CLAR) FY2025 (year ended 31 Dec 2025) delivered steady income growth on the back of a record S$1.5B in acquisitions, pushing total portfolio value +8.6% to S$18.2B across 222 properties in Singapore, Australia, the US and UK/Europe.

NPI rose +1.7% YoY to S$1,067.6M. Distributable income +1.4% to S$678.3M. DPU 15.005 cents (-1.3% YoY due to enlarged unit base following May 2025 private placement of S$500M). Overall portfolio occupancy 90.9% (FY2024: 92.8%) — headline decline driven by two transitory assets: 5 Toh Guan Road East (redev complete, 64.8% in lease-up) and Hawleys Lane UK (slated for redevelopment 2H 2026). Excluding both, occupancy 91.9%. Rental reversion +12.0% across portfolio.

KEY ACQUISITIONS (S$1.5B TOTAL)

• ▸9 Tai Seng Drive (Singapore): Tier III colocation data centre acquired Aug 2025 for S$463.6M — CLAR's largest single SG industrial acquisition in years. 100% occupied. Immediately accretive.
• ▸5 Science Park Drive (Singapore): Premium science/business space, SSP1, acquired Aug 2025 for S$261.0M. 100% occupied at acquisition. Part of expanding Science Park cluster.
• ▸Dec 2025 SG Industrial Batch (S$592.6M): Three properties — 9 Kallang Sector (high-spec industrial), Tuas Connection (light industrial), and 2 Pioneer Sector 1 (ramp-up logistics) — acquired simultaneously Dec 30, all near fully occupied.
• ▸DHL Indianapolis Logistics Center (US): First US sale-and-leaseback acquisition. Completed Jan 2025 for ~USD119M. Single tenant DHL.
• ▸5 Toh Guan Road East (redevelopment): Completed Sep 2025 for S$107.4M. Ramp-up logistics, GFA +71% to 50,919sqm. In lease-up at 64.8%.

DIVESTMENTS (S$506.5M, +9% OVER BOOK)

Nine properties divested across SG, US, Australia and UK for total S$506.5M, representing ~9% premium over last independent valuation of S$466.1M and ~14% over original purchase price of S$443.4M. Largest: 31 Ubi Road 1 + 3 other SG industrials divested Dec 17 for S$306.0M combined, and 95 Gilmore Road (AU) for S$90.0M.

Singapore 91.2% (FY2024: 92.5%); US 85.5% (FY2024: 88.9%); Australia 94.4% (FY2024: 92.5%); UK/Europe 92.0% (FY2024: 99.3% — Hawleys Lane drag).

CLAR's FY2025 is a capital recycling story executed at scale — S$1.5B in acquisitions predominantly in Singapore's most in-demand segments (data centres, high-spec industrial, logistics), funded partly by S$506.5M of disciplined divestments at premium. Portfolio quality stepped up materially. The DPU dip is mechanical (unit base dilution) not structural; income grew. Heading into FY2026, primary risk is US portfolio occupancy (85.5%) and global macro uncertainty around tariffs flagged by management.