CapitaLand Ascendas Real Estate Investment Trust (CLAR) reported a total return attributable to unitholders of S$769.7 million for the year ended 31 Dec 2025, up 1.9 per cent year-on-year, driven mainly by higher contributions from recent Singapore acquisitions and positive rent reversions.
Earnings per unit slipped to 16.95 cents from 17.18 cents, while the REIT declared a full-year distribution per unit (DPU) of 15.005 cents, 1.3 per cent lower than the 15.205 cents paid in FY2024. The final distribution of 7.528 cents per unit—comprising 6.015 cents of taxable income, 0.629 cent of tax-exempt income and 0.884 cent of capital—will be paid on 13 Mar 2026 to unitholders on record as at 13 Feb 2026.
Net property income (NPI) increased 1.7 per cent to S$1.07 billion. By sector, Business Space & Life Sciences delivered the strongest performance, with NPI up 4.2 per cent to S$478.9 million, bolstered by the acquisitions of 5 Science Park Drive and 9 Tai Seng Drive. Industrial & Data Centres booked a marginal 0.8 per cent rise in NPI to S$333.5 million, while Logistics NPI eased 1.7 per cent to S$255.2 million following asset disposals in Australia, Singapore, the UK and the US.
Geographically, Singapore remained the key earnings engine, contributing 69 per cent of FY2025 NPI at S$741.6 million, a 5.2 per cent YoY increase. Revenue from Australia fell 7.9 per cent after divestments and lower occupancy, while UK/Europe and US revenue slipped 2.7 per cent and inched up 0.6 per cent respectively.
During the year CLAR completed S$1.1 billion of acquisitions—including a US logistics facility in Indianapolis and major Singapore assets—while recycling about S$506 million through divestments. Development activities progressed, with investment properties under development rising to S$416.6 million, supported by projects in Singapore, the UK and the US. Aggregate leverage stood at 39.0 per cent and the weighted average debt tenor improved to 3.8 years; 75.4 per cent of borrowings are on fixed rates, keeping the FY2025 all-in cost of debt at 3.5 per cent.
Looking ahead, the manager highlighted steady global growth but flagged potential headwinds from trade policy shifts and geopolitical tensions. It will continue to focus on disciplined capital recycling, targeted acquisitions—particularly in Singapore and US logistics—and asset enhancement to sustain earnings and distributions, while monitoring interest-rate trends and maintaining prudent leverage.