CapitaLand Ascendas Reit posts 2.5% drop in H1 DPU to 7.524 cents

INDUSTRIAL property player CapitaLand Ascendas Reit (Clar) saw distribution per unit (DPU) fall 2.5 per cent for the half-year ended June to S$0.07524. This comes amid an enlarged unit base and higher finance costs.

The lower DPU came even as H1 revenue was up 7.2 per cent year on year at S$770.1 million, while net property income (NPI) rose 3.9 per cent to S$528.4 million.

The growth was driven by acquisitions and newly completed properties in FY2023, although NPI was slightly weighed down by higher operating expenses with a larger portfolio.