CapitaLand Ascendas REIT (CLAR) posted a 1.4 per cent year-on-year increase in distributable income to S$678.3 million for the 12 months ended 31 Dec 2025, lifted by recent acquisitions and disciplined cost management despite a larger unit base following an equity placement in June.

Gross revenue rose 1.0 per cent to S$1.54 billion, while net property income (NPI) improved 1.7 per cent to S$1.07 billion. The trust declared a full-year distribution per unit (DPU) of 15.005 Singapore cents, down from 15.205 cents a year earlier owing to unit dilution. Unitholders on record as at 13 Feb 2026 will receive the second-half DPU of 7.528 cents on 13 Mar 2026, translating to a distribution yield of 5.3 per cent based on the 31 Dec 2025 closing price of S$2.83.

Revenue growth was driven primarily by S$1.5 billion of property purchases in Singapore and the United States that were completed during the year, coupled with a 0.4 per cent decline in property operating expenses. Positive rental reversions averaging 12.0 per cent and portfolio occupancy of 90.9 per cent also underpinned performance. On a same-store basis, portfolio valuation inched up 2.0 per cent to S$16.6 billion, supported by higher values in the industrial and data-centre segments.

Dilution from the June placement and the absence of income from nine assets sold for S$506.5 million tempered DPU growth. About 19.6 per cent of gross rental income is due for renewal in 2026, and management said it remains focused on sustaining leasing momentum amid economic uncertainty.

During the year, CLAR completed two Singapore redevelopments at 1 Science Park Drive and 5 Toh Guan Road East for S$407.6 million; both assets achieved pre-commitments of 81 per cent and 65 per cent respectively and are expected to yield 6–8 per cent on cost once stabilised. Seven additional development, redevelopment and asset-enhancement projects worth S$730.3 million are slated for completion between 1Q 2026 and 2H 2028. Aggregate leverage stood at 39.0 per cent, with 75.4 per cent of borrowings on fixed rates and an average funding cost of 3.5 per cent. Green financing totalled S$3.3 billion, or 44 per cent of total debt.

Chairman Dr Beh Swan Gin said the trust’s strategy of selective acquisitions and disciplined capital management has expanded the portfolio to S$18.2 billion—33 per cent larger than five years ago—while reinforcing earnings resilience. Chief executive William Tay noted that strong rental reversions, successful project deliveries and healthy leasing commitments underline the relevance of the portfolio and will support sustainable long-term growth. Management intends to remain prudent, targeting assets in developed markets that offer attractive risk-adjusted returns and align with the REIT’s focus on technology and logistics properties.