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CapitaLand Ascendas REIT Units A17U Stock Quote

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Morningstar‘s Stock Analysis A17U

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CapitaLand Ascendas REIT's Q3 In Line; Active Portfolio Management To Create Value

Xavier Lee Equity Analyst

Analyst Note

| Xavier Lee |

CapitaLand Ascendas REIT (formerly known as Ascendas REIT), or CLAR, delivered a resilient third-quarter 2022 performance, with portfolio occupancy rates inching up 0.5 percentage points quarter on quarter to 94.5% for the month ended September 2022. The strongest improvement in occupancies can be found in CLAR’s Australian and European portfolio, which hit near full occupancy rates of 99.1% and 99.4%,  respectively, in the third quarter. The trust registered a lower positive rental reversion of 5.4%, 7.8 percentage points lower than the previous quarter that enjoyed a one-off, exceptional leasing quarter. The most impressive performance came from its U.S. and Singapore logistics portfolios, where rental reversions were up 60% and 14.6%, respectively, reflecting the tailwind in this asset class. As the results were largely in line with our expectations, we maintain our fair value estimate at SGD 2.92. Although the trust is now trading at an attractive 6.1% of its 2023 distribution following the market selloff, we see greater upside and better risk-adjusted returns in Singapore-focused ESR-Logos REIT, which is currently trading at a generous 9% 2023 distribution yield.

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Key Statistics A17U

Company Profile A17U

Business Description

CapitaLand Ascendas REIT is a real estate investment trust focusing on the industrial and business space. As of Dec. 31, 2021, it holds a SGD 16.3 billion portfolio of 220 properties across Singapore, Australia, Europe and the U.S. The property types encompass business and science parks, high-specification industrial properties, data centers, light industrial properties, and logistics and distribution centers. The trust is externally managed by Ascendas Funds Management (S) Limited, a subsidiary of CapitaLand Investment Limited, which owns an 18% stake in the trust.

168 Robinson Road, No. 30-01 Capital Tower
Singapore, 068912, Singapore
T +65 67132888
Industry REIT - Industrial
Most Recent Earnings Dec 31, 2019
Fiscal Year End Dec 31, 2022
Employees 45