Core Viewpoint - CGS International's report indicates that CapitaLand Ascendas REIT's performance for the first half of 2025 is largely in line with expectations, with new asset acquisitions expected to positively impact revenue and DPU in the second half of the year [1][2] Group 1: Financial Performance - CapitaLand Ascendas REIT's DPU for the first half of 2025 was 7.477 Singapore cents, accounting for 48.5% of CGS International's full-year forecast [1] - Total revenue and net property income (NPI) experienced slight year-on-year declines of 2% and 0.9%, respectively, due to asset divestments [1] - The DPU saw a minor year-on-year decrease of 0.6%, primarily due to an expanded unit base for fundraising purposes [1] Group 2: Operational Metrics - The overall portfolio occupancy rate stood at 91.8% as of the end of the first half of 2025 [1] - The rental recovery rate for the second quarter of 2025 reached +8%, indicating strong performance [1] - The total leverage ratio was reported at 37.4%, with 75.9% of the debt being fixed-rate, reflecting a healthy balance sheet [1] Group 3: Future Growth Prospects - Future growth is expected to be driven by newly acquired assets, including a data center and a science park property in Singapore, valued at approximately 725 million Singapore dollars, anticipated to contribute to revenue starting in the second half of 2025 [2] - There are ongoing redevelopment and asset enhancement projects valued at around 500 million Singapore dollars within the Singapore portfolio, expected to be completed between Q4 2025 and Q1 2028, providing visibility for mid-term growth [2] - CGS International has adjusted its DPU forecasts for the fiscal years 2026 to 2027 upward by 0.71% to 2.59%, while slightly lowering the 2025 fiscal year forecast due to the impact of equity financing activities [2]
银河国际：凯德腾飞房产信托上半年业绩平稳 收购项目将提振下半年表现
Xin Hua Cai Jing·2025-08-05 11:29