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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