CapitaLand Ascendas stock: Rents rise as leverage reaches 41.8%

CapitaLand Ascendas REIT presented its latest portfolio update on Wednesday, November 11, highlighting stronger rents and occupancy alongside higher leverage. The figures were summarized by Quartr from the investor presentation.

Rents improve across the portfolio

Rental reversion reached 9.9 percent in the third quarter and 9.0 percent for the first nine months of 2026. Portfolio occupancy rose to 90.1 percent at September 30 from 89.1 percent three months earlier. Management expected full-year rental reversion to remain in the high-single-digit range.

Singapore occupancy increased to 90.9 percent, while the United States portfolio reached 82.3 percent. Occupancy in the United Kingdom and Europe rose to 96.3 percent, and Japan remained at 100 percent. The portfolio's weighted average lease expiry was 4.1 years, with 6.6 percent of gross rental income due for renewal during the remainder of 2026.

Acquisitions lift leverage

Third-quarter acquisitions totaled 638.1 million Singapore dollars, with initial net property income yields of 6.6 percent to 6.9 percent before transaction costs. Acquisitions for the first nine months reached about 1.8 billion Singapore dollars, lifting portfolio assets under management to 20.7 billion Singapore dollars across five developed markets.

Aggregate leverage rose to 41.8 percent from 39.7 percent at the end of June. The manager plans to sell three Singapore properties for 281.7 million Singapore dollars, about 25 percent above their combined independent valuation. Completion is expected in the fourth quarter, and estimated net proceeds of 255 million Singapore dollars could reduce leverage to about 41 percent if used to repay borrowings.

CapitaLand Ascendas stock traded at 1.57 euros on Lang & Schwarz at 20:39 CET on Friday, November 13.

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