Ascendas REIT displayed strong results for 1QFY2022 ended March across its different verticals of investment management, capital management and asset management.
Ascendas REIT had a portfolio occupancy of 92.6% with a gross floor area of 5,062,003 sqm for 1QFY2022.
In Singapore, portfolio occupancy held steady at 90%, while in Australia portfolio occupancy dipped to 96.8% due to two non-renewals upon lease expiry.
Ascendas REIT’s portfolio occupancy in the US and UK/Europe region was at 94% and 96.7% respectively.
Next, Ascendas REIT’s portfolio weighted average lease expiry (WALE) stood at 3.7 years, where the WALE for Singapore, Australia, US and UK/Europe stood at 3.4, 3.2, 4.3 and 5.5 years respectively.
For portfolio rental reversion, the average portfolio rent reversion of 4.6% was recorded for leases renewed in 1QFY2022. The rental reversion levels in Singapore, Australia and US were at 3.9%, 16.5% and 14% respectively.
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The aggregate leverage level stood at a healthy 36.8% as at March 31. This was in addition to available debt headroom of approximately $4.6 billion. Net debt levels are at 7.9x as well.
The value of the REIT’s investment properties stood at $16.4 billion as at March 31.
As part of Ascendas REIT’s asset rejuvenation plan, several asset enhancement initiatives and redevelopment were completed recently to upgrade property specifications, unlock value through repositioning or meet green rating requirements, which are expected to generate higher returns for the REIT according to management.
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Units in Ascendas REIT closed at $2.82 on May 4.
Photo: A-REIT
