The following is a summary of the CapitaLand Ascendas REIT (ACDSF) FY2023 Earnings Call Transcript:

Financial Performance:

• CapitaLand Ascendas REIT witnessed a portfolio occupancy rate of 94.2% and rental reversion of 13.4% for FY2023 leases.

• Although gross revenue saw an increase of 9.4% due to collaborations from newly acquired properties and improved performance of existing properties, distributable income declined 1.4% to S$654 million and DPU decreased by 4% to S$0.1516 due to increased borrowings and higher interest expenses.

• Despite cost pressures, NPI increased by 5.6% to S$1 billion, while a steady increase in revenue was reflected in the second half due to newly acquired properties.

Business Progress:

• CapitaLand Ascendas REIT successfully expanded its business through a series of acquisitions and developments worth $885.2 million, including acquisitions in Singapore and London and development in Australia.

• Maintaining an A3 credit rating by Moody's, the company ensured strong access to capital and financial flexibility.

• The REIT's robust financial planning includes a solid FY2024 refinancing plan with fixed-rate borrowings hedging against market fluctuations.

• The company intends to diversify across mature markets, focus on economically-driving asset classes, and strengthen its portfolio.

• With a proactive approach to address potential challenges posed by uncertain economic trends, the company is reshaping their financial and portfolio management strategies.

• They are eagerly looking forward to substantial leasing agreement in Raleigh for 2024, while also considering potential growth-enhancing future developments.

More details: CAPITALAND ASCENDAS REIT IR

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