Solid rental reversions but higher utility costs a drag.
• 1Q22 positive rental reversions of 4.6%
• Portfolio occupancy slightly lower at 92.6%
• Aggregate leverage ratio increased to 36.8% with 79.1% of borrowings hedged
Ascendas REIT (AREIT) is the largest listed industrial REIT on the Singapore Exchange based on assets under management (AUM) and market capitalisation. It has significant exposure to the business spaces (including business parks and science parks) segment, where demand has been relatively resilient, notwithstanding some impact from work-from-home trends. Besides business parks and science parks, AREIT also owns properties within the logistics, data centres, suburban offices and industrial sub-sectors. Geographically, AREIT has exposure to Singapore, the US, Europe and the UK. Its assets comprise of a diversified pool of quality tenants and it has strong sponsor support from CapitaLand Investment Limited.