Capitaland Ascendas Reit · SGX:A17U
Capitaland Ascendas Reit — H1 2025 Earnings Presentation
61 slides from Capitaland Ascendas Reit's earnings presentation, Aug 4, 2025
Slide 1: 1H 2025 Financial Results
CapitaLand Ascendas REIT 1H 2025 Financial Results 1, 1A and 1B Science Park Drive, Singapore 4 August 2025
Slide 2: Agenda
Agenda 04 Key Highlights 06 Financial Performance 10 Investment Management 16 Capital Management 22 Asset Management 37 Market Outlook 44 Portfolio Resilience & Sustainability 53 Appendix The Shugart, Singapore
Slide 3: Disclaimers
Disclaimers • This presentation may contain forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors i
Slide 4: Key Highlights
1H 2025 Financial Results Key Highlights 500 Green Road, Brisbane, Australia
Slide 5: Key Highlights
Key Highlights 1H 2025 Asset Healthy Portfolio Occupancy Distributable Income1 Management 91.8% 31 Dec 2024: 92.8% S$331.1 million +0.1% YoY Financial Positive Portfolio Rental Reversion2 Performance Distribution per Unit +9.5% 7.477 cents -0.6% YoY Healthy Aggregate Leverage Capital 37.4% Investmen
Slide 6: Financial Performance
1H 2025 Financial Results Financial Performance Croydon, London, United Kingdom
Slide 7: Financial Performance 1H 2025 vs 1H 2024
Financial Performance 1H 2025 vs 1H 2024 1H 1H (S$’m) Variance 2025 2024 Mainly attributable to: • Decommission of Welwyn Garden City, UK in Jun 2024; • Divestments of three logistics properties in Australia, namely 77 Logistics Place, 62 Sandstone Place and 92 Sandstone Place in Feb 2024; Gross rev
Slide 8: Financial Performance 1H 2025 vs 2H 2024
Financial Performance 1H 2025 vs 2H 2024 (S$’m) 1H 2025 2H 2024 Variance Mainly attributable to: • Acquisition of DHL Indianapolis Logistics Center, US in Jan 2025; Gross revenue 754.8 753.0 0.2% Partially offset by: • Divestment of 21 Jalan Buroh, SG in Nov 2024; and • Divestment of Parkside, Portl
Slide 9: Distribution Details
Distribution Details Distribution Period DPU (Singapore cents) 1 6 June 2025 to 30 June 20251 0.9982 Distribution timetable Last day of trading on “cum” basis 8 August 2025 (Friday) Ex-distribution date 11 August 2025 (Monday), 9.00 am Record date 12 August 2025 (Tuesday), 5.00 pm Distribution payme
Slide 10: Investment Management
1H 2025 Financial Results Investment Management 510 Townsend Street, San Francisco, United States
Slide 11: 1H 2025 Investment Highlights
1H 2025 Investment Highlights o Completed S$153.4 million acquisition of DHL Indianapolis Logistics Center in the US o Completed S$300.2 million redevelopment of 1, 1A and 1B Science Park Drive in Singapore o Announced S$724.6 million of acquisitions in Singapore (9 Tai Seng Drive and 5 Science Park
Slide 12: Acquisition (Announced on 28 May 2025)
Acquisition (Announced on 28 May 2025) 9 Tai Seng Drive, Singapore S$455.2 million (2.2% discount to average of two independent Agreed Property Value market valuations) Acquisition Fee1 and Estimated S$8.4 million Professional and Other Fees Total Acquisition Cost S$463.6 million Perpetual (Asia) Li
Slide 13: Acquisition (Announced on 28 May 2025)
Acquisition (Announced on 28 May 2025) 5 Science Park Drive, Singapore S$245.0 million (inclusive of S$30 million deferred consideration1) Purchase Consideration (7.0% discount to average of two independent market valuations) Acquisition Fee2 and Estimated S$16.0 million Professional and Other Fees
Slide 14: 1H 2025 Investment Highlights
1H 2025 Investment Highlights o Completed divestment of Parkside in the US for S$26.5 million which represents a ~45% premium to the market valuation Country Segment Sale Price (S$ million) Completion Date Completed Divestment 26.5 Parkside (New) Portland, US Business Space & Life Sciences 26.51 26
Slide 15: Divestment (Completed on 26 Jun 2025)
Divestment (Completed on 26 Jun 2025) Parkside, Portland, US o Sale price is at a ~45% premium to market valuation A business space property consisting of two low-rise Description buildings. S$26.50 million / US$19.75 million Sale Price1,2,3 (45.2% premium to valuation) Buyer Tualatin Hills Park & R
Slide 16: Capital Management
1H 2025 Financial Results Capital Management Reynolds House, Manchester, United Kingdom
Slide 17: Healthy Balance Sheet
Healthy Balance Sheet ▪ Aggregate leverage is healthy at 37.4%1, 2 ▪ Available debt headroom of ~S$4.5 billion to reach MAS’s aggregate leverage limit of 50.0% As at As at As at 30 Jun 2025 31 Dec 2024 30 Jun 2024 Total Debt (S$ million)1, 2, 3 6,709 6,708 6,726 Total Assets (S$ million)1, 2 17,950
Slide 18: Total Borrowings
Well-spread Debt Maturity Profile ▪ Well-spread debt maturity with the longest debt maturing in FY 2034 ▪ Average debt maturity healthy at 3.2 years (Dec 2024: 3.5 years) ▪ Green financing totalling S$2.6 billion1 accounts for about 38% of total borrowings1 Debt Maturity Profile 8% 29% 1400 1,194 Di
Slide 19: Key Funding Indicators
Key Funding Indicators ▪ Robust financial metrics that exceed bank loan covenants by a healthy margin ▪ A3 credit rating facilitates good access to wider funding options at competitive rates As at As at As at 30 Jun 2025 31 Dec 2024 30 Jun 2024 Aggregate Leverage1, 2 37.4% 37.7% 37.8% Unencumbered P
Slide 20: Prudent Interest Rate Risk Management
Prudent Interest Rate Risk Management Proportion of Borrowings on Fixed Rates Refinancing in FY 2025 ▪ ~76% of borrowings are on fixed rates with an average term of 3.7 years ▪ S$235m2 of borrowings are due to be refinanced in FY 2025 ▪ A 50 bps increase in interest rate on variable rate debt is exp
Slide 21: High Natural Hedge
High Natural Hedge ▪ Maintained high level of natural hedge of ~76% for overseas investments to minimise the effects of any adverse exchange rate fluctuations AUD $ USD $ GBP £ EUR € 70% 75% 75% 100% 2.5 A$ 2.5 b (S$ 2.1 b) US$ 1.5 b (S$ 2.0 b) 2.0 S$ billion A$ 1.7 b US$ 1.2 b (S$ 1.5 b) (S$ 1.5 b)
Slide 22: Asset Management
1H 2025 Financial Results Asset Management MQX4, Sydney, Australia
Slide 23: Overview of Portfolio Occupancy
Overview of Portfolio Occupancy - 0.4% QoQ - 0.7% QoQ + 3.9% QoQ 0.0% QoQ + 0.3% QoQ 98.9% 98.9% 99.3% 91.2% 91.6% 92.0% 93.1% 89.2% 96.8% 91.8% 91.5% 93.1% 87.3% 88.0% 87.7% Singapore United States Australia United Kingdom / Europe Total Portfolio Jun-25 Mar-25 Jun-24 Gross Floor 3,148,830 768,4302
Slide 24: Singapore
Singapore Occupancy ▪ Occupancy dipped 0.4 ppt QoQ to 91.2% mainly due to o 9 Serangoon North Avenue 51, an industrial property (30 Jun 2025: 0% vs 31 Mar 2025: 100%) which was occupied by a single tenant As at 30 Jun 2025 31 Mar 2025 30 Jun 2024 Total Singapore Portfolio GFA (sqm) 3,148,830 3,148,8
Slide 25: United States
United States Occupancy ▪ Occupancy declined 0.7 ppt QoQ to 87.3% mainly due to o Airworld 1, a logistics property (Kansas City) (30 Jun 2025: 0% vs 31 Mar 2025: 100%), which was occupied by a single tenant o Partially offset by a higher occupancy rate for Portland’s Business Space portfolio (30 Jun
Slide 26: Australia
Australia Occupancy ▪ Occupancy increased 3.9 ppt QoQ to 93.1% due to improvements in both Logistics and Business Space segments: o 94 Lenore Drive, a logistics property (Sydney) (30 Jun 2025: 100% vs 31 Mar 2025: 0%) o 16 Kangaroo Avenue, a logistics property (Sydney) (30 Jun 2025: 100% vs 31 Mar 2
Slide 27: United Kingdom/Europe
United Kingdom/Europe Occupancy ▪ Occupancy remained high at 98.9% As at 30 Jun 2025 31 Mar 2025 30 Jun 2024 Total UK/Europe Portfolio GFA (sqm) 588,305 588,305 588,305 UK/Europe Portfolio Occupancy (same-store)1 98.9% 98.9% 99.3% Occupancy of Investments Completed in the N.A. N.A. 79.1%2 last 12 mo
Slide 28: Sources of New Demand in 1H 2025
Sources of New Demand in 1H 2025 By Gross Rental Income Singapore Logistics & Supply Chain Management, 27.0% IT & Data Centers, 19.2% Education and Media, 14.1% Engineering, 9.3% Electronics, 8.8% Lifestyle, Retail and Consumer Products, 7.9% Biomedical and Agri/Aquaculture, 5.7% Distributors & Trad
Slide 29: Portfolio Rental Reversions
Portfolio Rental Reversions ▪ Average portfolio rental reversion of leases renewed in 2Q 2025 and 1H 2025 was 8.0% and 9.5%, respectively ▪ Rental reversion for FY 2025 is expected to be in the positive mid-single digit range % Change in Renewal Rates for Multi-tenant Buildings1 2Q 2025 1Q 2025 2Q 2
Slide 30: Weighted Average Lease Expiry
Weighted Average Lease Expiry By Gross Revenue ▪ Portfolio Weighted Average Lease Expiry (WALE) remained stable at 3.7 years WALE (as at 30 June 2025) Years Singapore 3.4 United States 4.4 Australia 3.4 United Kingdom/Europe 5.5 Portfolio 3.7 CapitaLand Ascendas REIT 1H 2025 Financial Results 30
Slide 31: Portfolio Lease Expiry Profile
Breakdown of expiring leases Portfolio Lease Expiry Profile for the remaining of FY 2025 As at 30 Jun 2025 o Portfolio WALE of 3.7 years Logistics, 34.1% o Lease expiry is well-spread, extending beyond FY 2029 Business Space & Life Segment Sciences, o Weighted average lease term of new leases1 signe
Slide 32: Singapore: Lease Expiry Profile
Breakdown of expiring leases for the remaining of FY 2025 and FY 2026 Singapore: Lease Expiry Profile As at 30 Jun 2025 Logistics, o Singapore portfolio WALE of 3.4 years 28.7% Business o Lease expiry is well-spread, extending beyond FY 2029 Space & Life FY 2025 Sciences, o 10.2% of Singapore’s gros
Slide 33: United States: Lease Expiry Profile
Breakdown of expiring leases for the remaining of FY 2025 and FY 2026 United States: Lease Expiry Profile Logistics 5.7% As of 30 Jun 2025 Portland Kansas 5.6% City o United States portfolio WALE of 4.4 years 5.7% o Lease expiry is well-spread, extending beyond FY 2029 Raleigh 38.5% FY 2025 o 6.4% o
Slide 34: Australia: Lease Expiry Profile
Breakdown of expiring leases for the remaining of FY 2025 and FY 2026 Australia: Lease Expiry Profile Business As of 30 Jun 2025 Space 19.6% Sydney o Australia portfolio WALE of 3.4 years Brisbane 34.2% 17.6% o Lease expiry is well-spread, extending beyond FY 2029 FY 2025 o 6.1% of Australia’s gross
Slide 35: United Kingdom/Europe: Lease Expiry Profile
Breakdown of expiring leases for the United Kingdom/Europe: Lease Expiry Profile remaining of FY 2025 and FY 2026 As of 30 June 2025 Data Centres 8.5% o United Kingdom/Europe portfolio WALE of 5.5 years o Lease expiry is well-spread, extending beyond FY 2029 FY 2025 o 6.4% of United Kingdom/Europe’s
Slide 36: Improving Portfolio Quality
Improving Portfolio Quality Ongoing Projects ▪ There are six projects worth S$498.4 million that are undergoing development, redevelopment and refurbishment to improve returns of the existing portfolio Estimated Total Cost Estimated City / Country Segment (S$ million) Completion Date Acquisition und
Slide 37: Market Outlook
1H 2025 Financial Results Market Outlook 1, 1A and 1B Science Park Drive, Singapore
Slide 38: Market Outlook: Macro Environment
Market Outlook Macro Environment Global Economic Growth According to the International Monetary Fund (IMF), • Global growth is projected at 2.8% in 2025 and 3.0% in 2026 • This latest forecast was revised downward from the January 2025 estimate due to a highly unpredictable environment marked by esc
Slide 39: Market Outlook: Singapore
Market Outlook Singapore (SG) Economic Growth CLAR SG Portfolio (S$11.0B as of 30 Jun 2025) • In 2Q 2025, GDP grew by 4.3% YoY, extending the • Cornerstone of CLAR’s portfolio, representing 65% of 4.1% growth recorded in 1Q 2025 total portfolio value • The MTI forecasts GDP growth for 2025 to range
Slide 40: Market Outlook: United States
Market Outlook United States (US) Economic Growth CLAR US Portfolio (S$2.0B as of 30 Jun 2025) • In 2Q 2025, the US economy increased at an annualised rate of 3.0% QoQ, primarily due to an • Portfolio comprises Business Space & Life Sciences increase in imports and higher consumer spending, and Logi
Slide 41: Market Outlook: Australia
Market Outlook Australia (AU) Economic Growth CLAR AU Portfolio (S$2.1B as of 30 Jun 2025) • In 1Q 2025, Australia’s economy grew by 1.3% YoY, • Portfolio comprises Business Space and Logistics matching the growth rate of the previous quarter properties • The IMF forecasted GDP growth of 1.6% in 202
Slide 42: Market Outlook: United Kingdom and Europe
Market Outlook United Kingdom (UK) and Europe (EU) UK Economic Growth, Inflation & Interest Rates EU Economic Growth, Inflation & Interest Rates • In 1Q 2025, the economy grew by 1.3% YoY • In 1Q 2025, the euro area economy grew by 1.5% YoY • The IMF projected growth at 1.2% in 2025 • The European C
Slide 43: Market Outlook: Summary
Market Outlook Summary Global Environment CLAR Portfolio (S$16.8B as of 30 Jun 2025) • Significant uncertainties surrounding global trade • CLAR’s stable performance is underpinned by its dynamics, inflation trends and monetary policies of diversified and resilient portfolio that is anchored in majo
Slide 44: Portfolio Resilience & Sustainability
1H 2025 Financial Results Portfolio Resilience & Sustainability FM Global Centre, Singapore
Slide 45: Diversified Portfolio Across Developed Markets
Diversified Portfolio Across Developed Markets Investment Properties stood at S$16.8 billion1 65% Singapore as at 30 Jun 2025 o Singapore: S$11.0 billion 12% United States o United States: S$2.0 billion Asset Value o Australia: S$2.1 billion S$16.8B1 13% Australia o United Kingdom/Europe: S$1.7 bill
Slide 46: Multi-Asset Portfolio
Multi-Asset Portfolio Steering Towards Growth Sectors Steering our portfolio towards segments that cater to 45%, Business Space and Life Sciences the changing market and tenant requirements arising Business Space from structural trends and changing consumption 36% patterns such as digitalisation and
Slide 47: A Diverse Mix of Tenants' Business Industries
A Diverse Mix of Tenants’ Business Industries Logistics & Supply Chain Management Engineering 12.8% 12.3% 65.1% customer base Biomedical Sciences 10.4% Technology, Logistics and Information & Communications Technology 8.7% Life sciences industries Electronics 8.7% Data centres 8.7% Government 6.0% F
Slide 48: Quality and Diversified Customer Base
Quality and Diversified Customer Base ▪ Total customer base of approximately 1,790 tenants ▪ Top 10 customers (as at 30 Jun 2025) account for about 14.9% of monthly portfolio gross revenue ▪ On a portfolio basis, weighted average security deposit is about 5.4 months of rental income Top 10 Customers
Slide 49: Diversified Portfolio
Galaxis, 4.0% Aperia, 3.3% Diversified Portfolio The Chess Building, 3.2% One @ Changi City, 2.7% 510 Townsend Street, 2.5% 12, 14 & 16 Science Park Drive, 2.4% Nucleos, 2.2% Pioneer Hub, 2.1% 40 Penjuru Lane, 1.9% Neuros & Immunos, 1.9% Croydon, 1.7% 1,3 & 5 Changi Business Park Crescent, 1.6% 505
Slide 50: Sustainability Management Structure
Sustainability Management Structure Fostering sustainability growth with robust, resilient, and stakeholder-driven management structures Provide board level CLI Board of Directors The Manager’s Sustainability Committee (SC) strategic oversight of ESG policies and (Established in 2020) integration Ex
Slide 51: CapitaLand Ascendas REIT's ESG Targets
CapitaLand Ascendas REIT’s ESG Targets Achieving excellence with ESG targets that drive impactful and sustainable change ENVIRONMENTAL SOCIAL GOVERNANCE • New acquisitions / developments1 to • Zero incidents resulting in staff • Zero lapses in corporate governance / meet a targeted green certificati
Slide 52: Continued Momentum for Green Initiatives
Continued Momentum for Green Initiatives CLAR continues to push boundaries in our environmental efforts, embodying our commitment as a responsible real estate player GREEN PROPERTIES GREEN FINANCING S$2,653m S$2,626m 49% >2.6b S$2,057m 78 84 86 Green-certified properties (by GFA)1 FY2023 FY2024 YTD
Slide 53: Appendix
1H 2025 Financial Results Appendix 540-570 Congress Circle South, Chicago, United States
Slide 54: Historical Financial Results
Historical Financial Results Financial Highlights 1H 2024 2H 2024 FY 2024 1H 2025 (S$ m) Gross Revenue 770 753 1,523 755 Net Property Income 528 522 1,050 523 Total Amount Available for Distribution 331 338 669 331 Applicable no. of units (million) 4,397 4,400 4,399 4,428 Distribution Per Unit (cent
Slide 55: Singapore Occupancy: CLAR vs Industrial Average
Singapore Occupancy CLAR vs Industrial Average 100.0% 97.9% 90.9% 91.0% 88.8% 90.0% 84.9% 80.0% 76.7% 70.0% Occupancy Rate 60.0% 50.0% 40.0% 30.0% 20.0% Business Space & Life Sciences Industrial & Data Centres Logistics CLAR JTC Statistics Source : CLAR's Singapore portfolio as at 30 Jun 2025. Marke
Slide 56: Average Market Rents (Singapore)
Average Market Rents (Singapore) By Segment 120.00 Rental Index of All Singapore Industrial Property Rental Index (Base Year: 4Q2012) 100.00 2025Q1, 110.70 80.00 60.00 40.00 20.00 0.00 $6.5 Average Gross Rents ($ psf per month) $6.0 $5.5 Business Park (City Fringe): $6.10 psfpm $5.0 $4.5 $4.0 Busine
Slide 57: Singapore Industrial Market
Singapore Industrial Market New Supply1,2 ▪ Potential new supply of 2.96mil sqm (5.5% of existing stock) over next 5 years, of which ~81% are pre-committed ▪ Island-wide occupancy as at 31 Mar 2025 remained at 89.0%, compared to the previous quarter New Existing Supply % of New/ Sector ('000 sqm) 20
Slide 58: Singapore Business & Science Park
Singapore Business & Science Park New Supply1,2 Expected % Pre-committed Proposed Project Developer Location GFA (sqm) Completion (Estimated) 2025 Punggol Digital District (Phase 2) JTC Corporation Punggol Way 72,960 58% 27 International 2026 27 IBP CapitaLand Ascendas REIT 24,650 0% Business Park 9
Slide 59: Singapore Industrial & Data Centres
Singapore Industrial & Data Centres New Supply1 Expected % Pre-committed Proposed Project Developer Location GFA (sqm) Completion (Estimated) 2025 Bulim Square JTC Corporation Bulim Lane 1/2 74,780 45% 2025 JTC Space @ Ang Mo Kio JTC Corporation Ang Mo Kio Street 65 117,230 0% 2026 Stellar @ Tampine
Slide 60: Singapore Logistics
Singapore Logistics New Supply1 Expected % Pre-committed Proposed Project Developer Location GFA (sqm) Completion (Estimated) 2025 Warehouse development CapitaLand Ascendas REIT Toh Guan Road East 50,920 0% Tukang Innovation 2025 DSV Pearl Logos Pacv SG Propco Pte Ltd 67,700 100% Drive 2026 Warehous
Slide 61: Thank you
Thank you Galaxis, Singapore
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