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Home > Companies & Markets



CAPITALAND ASCENDAS REIT POSTS 5.4% RENTAL REVERSION IN Q3


Mon, Oct 31, 2022 - 6:41 PM
UPDATED Mon, Oct 31, 2022 - 6:41 PM
Paige Limpaigelim@sph.com.sg@PaigeLimBT
Clar announced the acquisition of two properties in Singapore for S$296.7
million in Q3 2022, which includes a cold-storage logistics facility at 1 Buroh
Lane in Jurong (above).
PHOTO: CAPITALAND ASCENDAS REIT

CAPITALAND Ascendas Reit (Clar) posted a positive rental reversion of 5.4 per
cent for lease renewals in Q3 ended September, down from 13.2 per cent in Q2,
the manager announced in a quarterly business update on Monday (Oct 31).


It expects rental reversion for FY2022 to be in the “positive mid-single digit
range”. In the year to date, rental reversion stands at 8 per cent.


The Reit manager noted that the “heightened risk environment” continues to put
pressure on the global outlook. “In addition to rising interest rates and
inflation, the export bans by the United States of certain advanced materials
and technologies to China has added to the uncertainty and volatility in the
global supply chains,” it said.




It also warned that the ongoing Russian-Ukraine war will continue to have some
“destabilising” effect on global markets, which may have some impact on tenants’
businesses as well as on Clar’s operating costs.


Clar’s portfolio occupancy rose slightly to 94.5 per cent at the end of Q3, down
from 94 per cent as at end-June. Overall weighted average lease expiry (WALE)
stood at 3.9 years.

Occupancy in Singapore came in at 91.8 per cent for the quarter, down from 91.9
per cent as at end-June. It recorded 51.6 per cent for occupancy of investments
completed in the last 12 months, down from 87.8 per cent as at end-June.



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Clar also announced the acquisition of two properties in Singapore for S$296.7
million in Q3. One was the Philips APAC Centre at 622 Toa Payoh Lorong 1, a
six-storey high-tech industrial property; the other property was a Grade-A
five-storey ramp-up cold storage logistics at 1 Buroh Lane in Jurong.

The manager said it has implemented a higher service charge for its Singapore
leases from October this year, to help navigate and mitigate rising utility and
interest expenses.

In the US market, occupancy declined marginally to 94.8 per cent as at
end-September, from 95.3 per cent in end-June. This was due to lower occupancies
in the business space portfolio, the manager said.

In Australia, occupancy rose to 99.1 per cent from 96.6 per cent in end-June due
to “positive leasing momentum for logistics spaces”, which included 92 Sandstone
Place in Brisbane, and 162 Australis Drive in Melbourne.

Meanwhile, in the United Kingdom and Europe, occupancy rose to 99.4 per cent,
mainly due to full occupancy at a logistics property, Transpennine 200 in
Greater Manchester.

Units of Clar closed at S$2.62 on Monday, down S$0.01 or 0.4 per cent, before
the business update.







READ MORE
 * CapitaLand Ascendas Reit targets further overseas expansion for greater
   resilience
 * CapitaLand Ascendas Reit to convert San Diego office property to life
   sciences building for US$40m

 * CAPITALAND ASCENDAS REIT
 * financial results
 * S-Reits

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