Ascendas REIT says 1QFY2020 operational performance 'healthy'; unaffected by Covid-19 pandemic

SINGAPORE (Apr 28): The manager of Ascendas REIT (A-REIT) has reported a “healthy operational performance” for 1QFY2020 ended March.

In its quarterly business update released on Tuesday, the REIT cited a “challenging leasing environment”, as well as expected delays in completion of Grab Holding’s headquarters in 1Q2021 from 4Q2020 due to the circuit breaker measures implemented by the government.

That said, that did not impact the REIT’s portfolio occupancy for 1QFY2020, which was reported at a healthy 91.7%. Its overseas portfolios in Australia, the US, and the UK, reported occupancies of 97.3%, 92.9%, and 97.5% respectively.

Overall, the REIT reported a positive portfolio rental reversion of 8.0% for renewed leases in multi-tenant buildings for this quarter.

A-REIT also maintained a robust balance sheet to help tide it through the Covid-19 pandemic. As of March 31, its aggregate leverage came in at 36.2%, and its debt maturity profile remains healthy with a weighted average tenure of debt outstanding at 3.8 years.

Source: EdgeProp, 28 April 2020