CapLand Ascendas REIT A17U
Financials
Annual Report 2025
Explore the statements
14 tablesStatements of Financial Position
44 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| ASSETS — Non-current assets | |||||
| Investment properties$’000 | 18,202,446 | 16,758,446 | 10,669,200 | 10,004,000 | PDF p. 114 |
| Investment properties under development$’000 | 416,605 | 268,734 | 147,600 | 144,350 | PDF p. 114 |
| Finance lease receivables$’000 | 23,207 | 27,965 | 23,207 | 27,965 | PDF p. 114 |
| Right-of-use assets$’000 | 604,776 | 629,861 | 573,761 | 600,874 | PDF p. 114 |
| Interests in subsidiaries$’000 | – | – | 5,152,224 | 4,213,668 | PDF p. 114 |
| Loans to subsidiaries$’000 | – | – | 593,522 | 495,236 | PDF p. 114 |
| Investment in an associate company$’000 | 131,526 | 118,456 | 122,903 | 122,903 | PDF p. 114 |
| Investment in a joint venture$’000 | 270 | 142 | – | – | PDF p. 114 |
| Derivative assets$’000 | 22,089 | 96,904 | 22,089 | 86,248 | PDF p. 114 |
| Deferred tax asset$’000 | 7,377 | 18,289 | – | – | PDF p. 114 |
| ASSETS — Non-current assets subtotal | |||||
| Subtotal$’000 | 19,408,296 | 17,918,797 | 17,304,506 | 15,695,244 | PDF p. 114 |
| ASSETS — Current assets | |||||
| Finance lease receivables$’000 | 4,758 | 4,861 | 4,758 | 4,861 | PDF p. 114 |
| Trade and other receivables$’000 | 168,089 | 121,814 | 53,039 | 69,334 | PDF p. 114 |
| Loan to a subsidiary$’000 | – | – | 240,550 | 30,187 | PDF p. 114 |
| Cash and fixed deposits$’000 | 209,444 | 167,741 | 4,017 | 34,482 | PDF p. 114 |
| Derivative assets$’000 | 3,801 | 55,797 | 2,797 | 51,876 | PDF p. 114 |
| ASSETS — Current assets subtotal | |||||
| Subtotal$’000 | 386,092 | 350,213 | 305,161 | 190,740 | PDF p. 114 |
| ASSETS | |||||
| Total assets$’000 | 19,794,388 | 18,269,010 | 17,609,667 | 15,885,984 | PDF p. 114 |
| LIABILITIES — Current liabilities | |||||
| Trade and other payables$’000 | 524,634 | 412,153 | 336,516 | 257,508 | PDF p. 114 |
| Security deposits$’000 | 79,173 | 76,662 | 76,235 | 72,940 | PDF p. 114 |
| Derivative liabilities$’000 | 26,850 | 1,186 | 26,850 | 1,186 | PDF p. 114 |
| Short term bank borrowings$’000 | 848,380 | 144,966 | 848,380 | 144,966 | PDF p. 114 |
| Term loans$’000 | 626,996 | 509,851 | – | – | PDF p. 114 |
| Medium term notes$’000 | 237,619 | 325,644 | 237,619 | 325,644 | PDF p. 114 |
| Lease liabilities$’000 | 42,277 | 39,315 | 41,803 | 38,393 | PDF p. 114 |
| Provision for taxation$’000 | 8,495 | 10,727 | 883 | 4,104 | PDF p. 114 |
| LIABILITIES — Current liabilities subtotal | |||||
| Subtotal$’000 | 2,394,424 | 1,520,504 | 1,568,286 | 844,741 | PDF p. 114 |
| LIABILITIES — Non-current liabilities | |||||
| Security deposits$’000 | 149,910 | 148,886 | 133,801 | 133,606 | PDF p. 114 |
| Derivative liabilities$’000 | 76,479 | 36,462 | 76,479 | 36,462 | PDF p. 114 |
| Amount due to a subsidiary$’000 | – | – | 25,686 | 20,020 | PDF p. 114 |
| Term loans$’000 | 3,256,387 | 3,660,365 | 1,927,529 | 1,933,676 | PDF p. 114 |
| Medium term notes$’000 | 2,350,846 | 1,883,986 | 2,350,846 | 1,883,986 | PDF p. 114 |
| Lease liabilities$’000 | 562,499 | 590,546 | 531,958 | 562,481 | PDF p. 114 |
| Other payables$’000 | 163 | 85 | – | – | PDF p. 114 |
| Deferred tax liabilities$’000 | 149,374 | 119,661 | – | – | PDF p. 114 |
| LIABILITIES — Non-current liabilities subtotal | |||||
| Subtotal$’000 | 6,545,658 | 6,439,991 | 5,046,299 | 4,570,231 | PDF p. 114 |
| LIABILITIES | |||||
| Total liabilities$’000 | 8,940,082 | 7,960,495 | 6,614,585 | 5,414,972 | PDF p. 114 |
| Represented by | |||||
| Net assets$’000 | 10,854,306 | 10,308,515 | 10,995,082 | 10,471,012 | PDF p. 114 |
| Unitholders’ funds$’000 | 10,550,108 | 10,008,906 | 10,692,728 | 10,172,074 | PDF p. 114 |
| Perpetual securities holders’ funds$’000 | 302,354 | 298,938 | 302,354 | 298,938 | PDF p. 114 |
| Non-controlling interests$’000 | 1,844 | 671 | – | – | PDF p. 114 |
| Represented by subtotal | |||||
| Subtotal$’000 | 10,854,306 | 10,308,515 | 10,995,082 | 10,471,012 | PDF p. 114 |
| Other financial information | |||||
| Units in issue (’000)’000 Units | 4,611,952 | 4,400,309 | 4,611,952 | 4,400,309 | PDF p. 114 |
| Net asset value per unit* ($)$ per unit | 2.29 | 2.27 | 2.32 | 2.31 | PDF p. 114 |
Definitions & sources
Original report: PDF p. 114 ↗
*Net asset value attributable to Unitholders.
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Total Return
26 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Statement of Total Return | |||
| Gross revenue$’000 | 1,538,574 | 1,523,046 | PDF p. 115 |
| Property operating expenses$’000 | (471,014) | (473,121) | PDF p. 115 |
| Net property income$’000 | 1,067,560 | 1,049,925 | PDF p. 115 |
| - Base management fee$’000 | (87,888) | (86,197) | PDF p. 115 |
| Trust expenses$’000 | (16,125) | (12,385) | PDF p. 115 |
| Finance costs, net$’000 | (277,812) | (271,265) | PDF p. 115 |
| Net foreign exchange differences$’000 | 32,861 | (25,862) | PDF p. 115 |
| Gain on disposal of a subsidiary$’000 | 3,538 | – | PDF p. 115 |
| Gain on disposal of investment properties$’000 | 19,281 | 45,362 | PDF p. 115 |
| Net income$’000 | 741,415 | 699,578 | PDF p. 115 |
| Net change in fair value of financial derivatives$’000 | (105,476) | 43,699 | PDF p. 115 |
| Net change in fair value of right-of-use assets$’000 | (10,189) | (8,369) | PDF p. 115 |
| Net change in fair value of investment properties and investment properties under development$’000 | 194,619 | 10,842 | PDF p. 115 |
| Share of associated company’s and joint venture’s results$’000 | 15,117 | 496 | PDF p. 115 |
| Total return for the year before tax$’000 | 835,486 | 746,246 | PDF p. 115 |
| Tax (expense)/credit$’000 | (55,770) | 17,861 | PDF p. 115 |
| Total return for the year$’000 | 779,716 | 764,107 | PDF p. 115 |
| Attributable to | |||
| Unitholders of CapitaLand Ascendas REIT$’000 | 769,696 | 755,082 | PDF p. 115 |
| Perpetual securities holders$’000 | 10,020 | 9,025 | PDF p. 115 |
| Total return for the year$’000 | 779,716 | 764,107 | PDF p. 115 |
| Other comprehensive income — Items that may be reclassified subsequently to profit or loss | |||
| - Effective portion of change in fair value of cash flow hedges$’000 | (64,604) | 24,680 | PDF p. 115 |
| - Foreign exchange difference on translation of foreign operations$’000 | (10,230) | (42,050) | PDF p. 115 |
| Other comprehensive income | |||
| Other comprehensive income, net of tax$’000 | (74,834) | (17,370) | PDF p. 115 |
| Total comprehensive income for the year$’000 | 704,882 | 746,737 | PDF p. 115 |
| Earnings per Unit (cents) | |||
| - Basic and dilutedcents per unit | 16.951 | 17.178 | PDF p. 115 |
| Statement of Total Return | |||
| Distribution per Unit (cents)cents per unit | 15.005 | 15.205 | PDF p. 115 |
Definitions & sources
Original report: PDF p. 115 ↗
The accompanying notes form an integral part of these financial statements.
Statements of Movements in Unitholders’ Funds
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Unitholders’ Funds | |||||
| Balance at beginning of the financial year$’000 | 10,008,906 | 9,911,129 | 10,172,074 | 9,924,793 | PDF p. 118 |
| Operations | |||||
| Total return for the year attributable to Unitholders$’000 | 779,716 | 764,107 | 724,357 | 883,202 | PDF p. 118 |
| Less: Amount reserved for distribution to perpetual securities holders$’000 | (10,020) | (9,025) | (10,020) | (9,025) | PDF p. 118 |
| Less: Transfer from perpetual securities holders’ funds$’000 | (3,676) | – | (3,676) | – | PDF p. 118 |
| Net increase in net assets resulting from operations$’000 | 766,020 | 755,082 | 710,661 | 874,177 | PDF p. 118 |
| Other movements | |||||
| Movement in foreign currency translation reserve$’000 | (10,230) | (42,050) | – | – | PDF p. 118 |
| Movement in hedging reserve | |||||
| Effective portion of change in fair value of cash flow hedges$’000 | (64,604) | 24,680 | (40,023) | 13,039 | PDF p. 118 |
| Unitholders’ transactions | |||||
| Units issued through equity fund raising$’000 | 500,002 | – | 500,002 | – | PDF p. 118 |
| Management fees paid/payable in Units$’000 | 17,644 | 17,258 | 17,644 | 17,258 | PDF p. 118 |
| Acquisition fees paid/payable in Units$’000 | 6,702 | – | 6,702 | – | PDF p. 118 |
| Divestment fees payable in Units$’000 | – | 564 | – | 564 | PDF p. 118 |
| Unit issue costs$’000 | (5,246) | – | (5,246) | – | PDF p. 118 |
| Distributions to Unitholders$’000 | (669,086) | (657,757) | (669,086) | (657,757) | PDF p. 118 |
| Net decrease in net assets resulting from Unitholders’ transactions$’000 | (149,984) | (639,935) | (149,984) | (639,935) | PDF p. 118 |
| Unitholders’ Funds | |||||
| Balance at end of the financial year$’000 | 10,550,108 | 10,008,906 | 10,692,728 | 10,172,074 | PDF p. 118 |
| Perpetual Securities Holders’ Funds | |||||
| Balance at beginning of the financial year$’000 | 298,938 | 298,938 | 298,938 | 298,938 | PDF p. 118 |
| Proceeds from the issuance of perpetual securities$’000 | 300,000 | – | 300,000 | – | PDF p. 118 |
| Redemption of perpetual securities$’000 | (300,000) | – | (300,000) | – | PDF p. 118 |
| Issue costs$’000 | (1,280) | – | (1,280) | – | PDF p. 118 |
| Transfer to Unitholders’ funds$’000 | 3,676 | – | 3,676 | – | PDF p. 118 |
| Amount reserved for distribution to perpetual securities holders$’000 | 10,020 | 9,025 | 10,020 | 9,025 | PDF p. 118 |
| Distribution to perpetual securities holders$’000 | (9,000) | (9,025) | (9,000) | (9,025) | PDF p. 118 |
| Balance at end of the financial year$’000 | 302,354 | 298,938 | 302,354 | 298,938 | PDF p. 118 |
| Non-controlling interests | |||||
| Balance at beginning of the financial year$’000 | 671 | – | – | – | PDF p. 118 |
| Contribution from non-controlling interest$’000 | 1,206 | 668 | – | – | PDF p. 118 |
| Currency translation movement$’000 | (33) | 3 | – | – | PDF p. 118 |
| Balance at end of the financial year$’000 | 1,844 | 671 | – | – | PDF p. 118 |
| Total | |||||
| Total$’000 | 10,854,306 | 10,308,515 | 10,995,082 | 10,471,012 | PDF p. 118 |
Definitions & sources
Original report: PDF p. 118 ↗
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Cash Flows
47 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Total return for the year before tax$’000 | 835,486 | 746,246 | PDF p. 131 |
| Cash flows from operating activities; Adjustments for | |||
| Finance costs, net$’000 | 277,812 | 271,265 | PDF p. 131 |
| Management fees paid / payable in Units$’000 | 17,644 | 17,258 | PDF p. 131 |
| Acquisition fees payable in Units$’000 | 6,702 | – | PDF p. 131 |
| Divestment fees payable in Units$’000 | – | 564 | PDF p. 131 |
| Provision of expected credit loss on receivables$’000 | 2,705 | 860 | PDF p. 131 |
| Net change in fair value of derivative financial instruments$’000 | 105,476 | (43,699) | PDF p. 131 |
| Net change in fair value of investment properties and investment properties under development$’000 | (194,619) | (10,842) | PDF p. 131 |
| Net change in fair value of right-of-use assets$’000 | 10,189 | 8,369 | PDF p. 131 |
| Unrealised foreign exchange differences$’000 | (65) | 49,497 | PDF p. 131 |
| Share of joint venture and associate company’s results$’000 | (15,117) | (496) | PDF p. 131 |
| Gain from disposal of investment properties$’000 | (19,281) | (45,362) | PDF p. 131 |
| Gain from disposal of a subsidiary$’000 | (3,538) | – | PDF p. 131 |
| Cash flows from operating activities | |||
| Operating income before working capital changes$’000 | 1,023,394 | 993,660 | PDF p. 131 |
| Cash flows from operating activities; Changes in working capital | |||
| Trade and other receivables$’000 | 6,816 | (32,428) | PDF p. 131 |
| Trade and other payables$’000 | 54,593 | (511) | PDF p. 131 |
| Cash flows from operating activities | |||
| Cash generated from operations$’000 | 1,084,803 | 960,721 | PDF p. 131 |
| Income tax paid$’000 | (15,933) | (12,889) | PDF p. 131 |
| Net cash from operating activities$’000 | 1,068,870 | 947,832 | PDF p. 131 |
| Cash flows from investing activities | |||
| Acquisition of investment properties$’000 | (1,454,508) | – | PDF p. 131 |
| Payment for capital improvement on investment properties$’000 | (162,534) | (106,961) | PDF p. 131 |
| Acquisition of investment property under development$’000 | (75,790) | (11,967) | PDF p. 131 |
| Net payment for investment properties under development$’000 | (190,648) | (108,231) | PDF p. 131 |
| Proceeds from the divestment of investment properties$’000 | 434,984 | 175,148 | PDF p. 131 |
| Proceeds from the divestment of a subsidiary$’000 | 52,599 | – | PDF p. 131 |
| Dividend received from a joint venture company and an associate company$’000 | 414 | 507 | PDF p. 131 |
| Interest received$’000 | 2,607 | 2,924 | PDF p. 131 |
| Capital injection to an associate company, including directly attributable transaction costs$’000 | – | (7,173) | PDF p. 131 |
| Deposits paid for the acquisition of an investment property$’000 | – | (6,710) | PDF p. 131 |
| Net cash used in investing activities$’000 | (1,392,876) | (62,463) | PDF p. 131 |
| Cash flows from financing activities | |||
| Distributions paid to Unitholders$’000 | (669,086) | (657,757) | PDF p. 132 |
| Distributions paid to perpetual securities holders$’000 | (9,000) | (9,025) | PDF p. 132 |
| Finance costs paid$’000 | (252,539) | (242,077) | PDF p. 132 |
| Payment of lease liabilities$’000 | (37,460) | (36,695) | PDF p. 132 |
| Proceeds from loans and borrowings$’000 | 4,409,743 | 1,347,078 | PDF p. 132 |
| Repayment of loans and borrowings$’000 | (3,571,324) | (1,346,404) | PDF p. 132 |
| Proceeds from issuance of Units$’000 | 500,002 | – | PDF p. 132 |
| Equity issue costs paid$’000 | (5,246) | – | PDF p. 132 |
| Proceeds from issuance of perpetual securities$’000 | 300,000 | – | PDF p. 132 |
| Perpetual securities issue cost paid$’000 | (1,280) | – | PDF p. 132 |
| Redemption of perpetual securities$’000 | (300,000) | – | PDF p. 132 |
| Contribution from non-controlling interests$’000 | 1,173 | 671 | PDF p. 132 |
| Net cash from / (used in) financing activities$’000 | 364,983 | (944,209) | PDF p. 132 |
| Cash and cash equivalents reconciliation | |||
| Net increase / (decrease) in cash and cash equivalents$’000 | 40,977 | (58,840) | PDF p. 132 |
| Cash and cash equivalents at beginning of the financial year$’000 | 167,741 | 221,579 | PDF p. 132 |
| Effect of exchange rate changes on cash balances$’000 | 726 | 5,002 | PDF p. 132 |
| Cash and cash equivalents at end of the financial year$’000 | 209,444 | 167,741 | PDF p. 132 |
Definitions & sources
Original report: PDF p. 131 ↗ PDF p. 132 ↗
Pages 132–133 give notes A–D to the cash flow statement. Note A details net cash outflow on acquisition of investment properties: investment properties (including acquisition costs) 1,444,432; trade and other receivables 26,848; trade and other payables (15,386); provision for taxation (1,366); security deposits (20); net identifiable assets acquired/total consideration 1,454,508. The note says the Group acquired investment properties amounting to $1,474,432,000, of which deferred consideration of $30,000,000 was unpaid at year end; investment properties (including acquisition costs) amounting to $678,690,000 were acquired through acquisition of shares.
Note B details net cash inflow on divestment of a subsidiary: investment properties (including acquisition costs) 49,515; trade and other receivables 22; trade and other payables (476); net identifiable assets and liabilities divested 49,061; gain on disposal of a subsidiary 3,538; net cash inflow 52,599.
Note C significant non-cash transactions: in 2025, 6,548,657 new Units amounting to $17,561,000 were issued at issue price ranging from $2.5854 to $2.7807 per unit for payment of 20% base management fee in Units; 2,442,528 new Units amounting to $6,702,000 were issued at issue price of $2.7258 to $2.7525 per unit for payment of acquisition fee in Units; 221,916 new Units amounting to $564,000 were issued at issue price of $2.5415 per unit for payment of divestment fee in Units. In 2024, 6,701,944 new Units amounting to $17,297,000 were issued at issue prices ranging from $2.5741 to $2.5878 per unit for payment of 20% base management fee in Units.
Note D states that in the year ended 31 December 2025, the Group acquired 2 plots of land amounting to $94,608,000, of which deferred consideration of $18,818,000 was unpaid at year end.
The accompanying notes form an integral part of these financial statements.
CLAR Unit Price Performance
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Unit price performance | ||||||
| Opening priceS$ | 2.98 | 2.96 | 2.74 | 3.03 | 2.57 | PDF p. 40 |
| Closing priceS$ | 2.95 | 2.74 | 3.03 | 2.57 | 2.83 | PDF p. 40 |
| HighS$ | 3.16 | 3.02 | 3.03 | 2.98 | 2.89 | PDF p. 40 |
| LowS$ | 2.85 | 2.47 | 2.48 | 2.52 | 2.44 | PDF p. 40 |
| Trading volumemillion units | 3,140 | 2,838 | 3,031 | 3,105 | 3,120 | PDF p. 40 |
| % of S-REIT trading volume% | 7.1 | 6.4 | 7.8 | 6.7 | 7.4 | PDF p. 40 |
| Net asset value per Unit¹S$ per Unit | 2.38 | 2.37 | 2.26 | 2.27 | 2.29 | PDF p. 40 |
| Market capitalisation²S$ million | 12,383 | 11,519 | 13,313 | 11,309 | 13,052 | PDF p. 40 |
Definitions & sources
Original report: PDF p. 40 ↗
¹ Prior to distribution of distributable income.
² Based on the last trading date of the respective financial year.
Total Unitholder Return
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 20251-year (from 1 Jan 2025 to 31 Dec 2025) | 20255-year (from 1 Jan 2021 to 31 Dec 2025) | Source |
|---|---|---|---|
| Total Unitholder Return | |||
| Closing unit price on the last trading day prior to the commencement of the periodS$ | 2.57 | 2.98 | PDF p. 41 |
| Capital appreciation% | 10.1 | -5.0 | PDF p. 41 |
| Distribution yield¹% | 5.8 | 25.6 | PDF p. 41 |
| Total return as at 31 Dec 2025²% | 16.0 | 20.6 | PDF p. 41 |
| Total return³ assuming dividends reinvested% | 16.7 | 4.1 | PDF p. 41 |
Definitions & sources
Original report: PDF p. 41 ↗
¹ Distribution yield is the ratio of the sum of distributions to Unitholders for the financial year(s) to the closing Unit price on the last trading day prior to the commencement of the period.
² Total return is the sum of distributions to Unitholders for the financial year(s) and capital gains (or losses), expressed as a percentage of the initial investment.
³ Based on Bloomberg data assuming dividends reinvested.
Competitive Yield Returns
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025CLAR yield / comparison as stated | Source |
|---|---|---|
| Competitive Yield Returns | ||
| CLAR Yield for IPO Investors¹% | 16.7 | PDF p. 41 |
| CLAR Yield as at 31 Dec 2025²% | 5.8 | PDF p. 41 |
| Weighted Average Industrial S-REIT Yield 2025³% | 5.9 | PDF p. 41 |
| FTSE Straits Times Index⁴% | 4.6 | PDF p. 41 |
| FTSE S-REIT Index⁴% | 4.7 | PDF p. 41 |
| 10-year Singapore Government Bond⁵% | 2.2 | PDF p. 41 |
| CPF Ordinary Account⁶% | 2.5 | PDF p. 41 |
| Deposit Rate of Singapore Dollar Denominated Deposits Offered to Non-bank Customers⁷% | 1.3 | PDF p. 41 |
Definitions & sources
Original report: PDF p. 41 ↗
¹ Based on CapitaLand Ascendas REIT’s adjusted IPO price of S$0.8961 per unit and DPU of 15.005 cents for the period from 1 January 2025 to 31 December 2025.
² Based on CapitaLand Ascendas REIT’s closing price of S$2.83 per unit as at 31 December 2025 and DPU of 15.005 cents for the period from 1 January 2025 to 31 December 2025.
³ Based on CapitaLand Ascendas REIT research and Bloomberg.
⁴ Based on dividend yield computed by Bloomberg as at 31 December 2025.
⁵ Based on rate published on the Monetary Authority of Singapore (MAS) website as at 31 December 2025.
⁶ Based on interest rate published on Central Provident Fund website as at 31 December 2025.
⁷ Based on weighted average rate for 12-month fixed deposits published on the MAS website (https://eservices.mas.gov.sg/statistics/msb-xml/Report.aspx?tableSetID=III&tableID=III.3A).
FY 2025 financial performance
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Financial performance | |||
| Gross RevenueS$ million | 1,538.6 | 1,523.0 | PDF p. 20 |
| Net Property IncomeS$ million | 1,067.6 | 1,049.9 | PDF p. 20 |
| Total Amount Available for DistributionS$ million | 678.3 | 668.8 | PDF p. 20 |
| Distribution Per Unitcents per unit | 15.005 | 15.205 | PDF p. 20 |
| Applicable Number of Unitsmillion Units | 4,520 | 4,399 | PDF p. 20 |
Definitions & sources
Original report: PDF p. 20 ↗
Includes 27 IBP and Logis Hub @ Clementi in Singapore, Summerville Logistics Center in the US and Welwyn Garden City in the UK and excludes Manton Wood and Towcester in the UK which were under development as at 31 December 2025.
Key Funding Indicators
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31 December 2025, Group | 2024As at 31 December 2024, Group | Source |
|---|---|---|---|
| Capital Management | |||
| Aggregate Leverage¹,²,³% | 39.0 | 37.7 | PDF p. 20 |
| Total Debt¹,²,³S$ million | 7,563 | 6,708 | PDF p. 20 |
| Fixed Rate Debt as a % of Total Debt% | 75.4 | 82.7 | PDF p. 20 |
| Weighted Average All-in Debt Cost (per annum)% per annum | 3.5 | 3.7 | PDF p. 20 |
| Weighted Average Term of Debt Outstandingyears | 3.1 | 3.5 | PDF p. 20 |
| Weighted Average Term of Fixed Debt Outstandingyears | 3.8 | 3.7 | PDF p. 20 |
| Interest Coverage Ratio⁴,⁵x | 3.6 | 3.6 | PDF p. 20 |
| Net Debt/EBITDA⁶x | 8.3 | 7.6 | PDF p. 20 |
| Unencumbered Properties as a % of Total Investment Properties⁷% | 93.8 | 92.9 | PDF p. 20 |
Definitions & sources
Original report: PDF p. 20 ↗
¹ Excludes fair value changes and amortised costs. Borrowings denominated in foreign currencies are translated at the prevailing exchange rates except for HKD-denominated debt issues, which are translated at the cross-currency swap rates that CLAR has committed to.
² Excludes the effects of FRS 116.
³ In accordance with Appendix 6 of the Code on Collective Investment Schemes issued by the MAS (Property Funds Appendix), CLAR’s deferred payments and its proportionate share of its associate company’s borrowings and deposited property values are included when computing aggregate leverage. The ratio of total gross borrowings (including perpetual securities) to total net assets is 70.5%.
⁴ In accordance with MAS Code on Collective Investment Schemes dated 28 November 2025. Based on the trailing 12 months EBITDA (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), divided by the trailing 12 months interest expense, borrowing-related fees and distributions on perpetual securities.
⁵ With reference to MAS Circular No. CFC 01/2021, the interest expense on lease liabilities was excluded as it is an accounting classification and does not reflect the serviceability of debt. The interest coverage ratio, excluding distributions on perpetual securities, is 3.8 x.
⁶ Net debt includes lease liabilities arising from FRS 116, 50% of perpetual securities, offset by cash and fixed deposits.
⁷ Total investment properties exclude properties reported as finance lease receivables.
Financial Ratios
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Financial Ratios | |||
| Expenses to weighted average net assets¹ - including performance component of Manager’s management fees% | 0.99 | 0.96 | PDF p. 180 |
| Expenses to weighted average net assets¹ - excluding performance component of Manager’s management fees% | 0.99 | 0.96 | PDF p. 180 |
| Ratio of expenses to net asset value²% | 5.30 | 5.57 | PDF p. 180 |
| Portfolio turnover rate³% | 4.84 | 0.08 | PDF p. 180 |
Definitions & sources
Original report: PDF p. 180 ↗
¹ The annualised ratio is computed in accordance with guidelines of the Investment Management Association of Singapore. The expenses used in the computation relate to expenses at the Group level, excluding property related expenses and borrowing costs.
² The ratio is computed based on the total property expenses, including all fees and charges paid to the Trustee, the Manager and related parties for the financial year and as a percentage of net asset value as at the end of the financial year.
³ The portfolio turnover rate is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of underlying investment properties of the Group divided by the average weighted net asset value.
Earnings per Unit and Distribution per Unit
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per unit | |||
| Basic earnings per Unitcents per unit | 16.951 | 17.178 | PDF p. 178 |
| Distribution per unit | |||
| Total amount available for distribution for the year$’000 | 678,268 | 668,833 | PDF p. 178 |
| Distribution per Unitcents per unit | 15.005 | 15.205 | PDF p. 178 |
Definitions & sources
Original report: PDF p. 178 ↗
The calculation of basic earnings per Unit is based on the total return for the year and weighted average number of units during the year.
As at 31 December 2025 and 31 December 2024, the diluted earnings per Unit was equivalent to the basic earnings per Unit.
Earnings per Unit and Distribution per Unit (statement presentation)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated Statement of Total Return | |||
| Earnings per Unit - Basic and dilutedcents per unit | 16.951 | 17.178 | PDF p. 115 |
| Distribution per Unitcents per unit | 15.005 | 15.205 | PDF p. 115 |
Definitions & sources
Original report: PDF p. 115 ↗
Distribution per Unit (consolidated distribution statement)
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated Distribution Statement | |||
| Total amount available for distribution to Unitholders at beginning of the financial year$’000 | 338,376 | 327,300 | PDF p. 116 |
| Total return for the year attributable to Unitholders and perpetual securities holders$’000 | 779,716 | 764,107 | PDF p. 116 |
| Less: Amount reserved for distribution to perpetual securities holders$’000 | (10,020) | (9,025) | PDF p. 116 |
| Distribution adjustments A$’000 | (208,494) | (208,218) | PDF p. 116 |
| Taxable income$’000 | 561,202 | 546,864 | PDF p. 116 |
| Tax-exempt income$’000 | 36,092 | 41,800 | PDF p. 116 |
| Distribution from capital$’000 | 80,974 | 80,169 | PDF p. 116 |
| Total amount available for distribution to Unitholders for the year$’000 | 678,268 | 668,833 | PDF p. 116 |
| Distribution of 0.998 cents per unit for the period from 06/06/25 to 30/06/25$’000 | (45,971) | – | PDF p. 116 |
| Distribution of 6.479 cents per unit for the period from 01/01/25 to 05/06/25$’000 | (285,110) | – | PDF p. 116 |
| Distribution of 7.681 cents per unit for the period from 01/07/24 to 31/12/24$’000 | (338,005) | – | PDF p. 116 |
| Distribution of 7.524 cents per unit for the period from 01/01/24 to 30/06/24$’000 | – | (330,829) | PDF p. 116 |
| Distribution of 7.441 cents per unit for the period from 01/07/23 to 31/12/23$’000 | – | (326,928) | PDF p. 116 |
| Distributions to Unitholders | |||
| Subtotal$’000 | (669,086) | (657,757) | PDF p. 116 |
| Consolidated Distribution Statement | |||
| Total amount available for distribution to Unitholders at end of the financial year$’000 | 347,558 | 338,376 | PDF p. 116 |
| Distribution per Unitcents per unit | 15.005 | 15.205 | PDF p. 116 |
Definitions & sources
Original report: PDF p. 116 ↗
The report marks the accompanying notes as an integral part of these financial statements.
Five-year financial highlights
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Financial highlights | ||||||
| Gross RevenueS$ million | 1,538.6 | 1,523.0 | 1,479.8 | 1,352.7 | 1,226.5 | PDF p. 5 |
| Net Property IncomeS$ million | 1,067.6 | 1,049.9 | 1,023.2 | 968.8 | 920.8 | PDF p. 5 |
| Total Amount Available for DistributionS$ million | 678.3 | 668.8 | 654.4 | 663.9 | 630.0 | PDF p. 5 |
| Distribution Per UnitSingapore cents per unit | 15.005 | 15.205 | 15.160 | 15.798 | 15.258 | PDF p. 5 |
| Total AssetsS$ million | 19,794 | 18,269 | 18,274 | 17,876 | 17,730 | PDF p. 5 |
| Total BorrowingsS$ million | 7,563 | 6,708 | 6,724 | 6,296 | 6,143 | PDF p. 5 |
Definitions & sources
Original report: PDF p. 5 ↗
FY2021 distribution per unit is 15.258 Singapore cents; the separate superscript 1 is a footnote, not a decimal digit.
1 Distribution Per Unit after performance fee.
2 Total borrowings excludes the effects of Singapore Financial Reporting Standard 116 Leases (FRS 116).
3 Total borrowings excludes fair value changes and amortised costs; currency translations follow the annual report definition.
4 Total borrowings includes deferred payments and the proportionate share of the associate company’s borrowings.
Where the money comes from
Segment information
By business
Operating Segments - Segment results by business segment 7 lines
| Item / unit | 2025Business Space and Life Sciences, Group | 2024Business Space and Life Sciences, Group | 2025Industrial and Data Centres, Group | 2024Industrial and Data Centres, Group | 2025Logistics, Group | 2024Logistics, Group | 2025Total, Group | 2024Total, Group | Source |
|---|---|---|---|---|---|---|---|---|---|
| Segment results | |||||||||
| Gross rental income$'000 | 561,476 | 547,376 | 396,664 | 402,469 | 296,255 | 294,789 | 1,254,395 | 1,244,634 | PDF p. 200 |
| Other income$'000 | 105,115 | 106,945 | 117,884 | 110,531 | 61,180 | 60,936 | 284,179 | 278,412 | PDF p. 200 |
| Gross revenue$'000 | 666,591 | 654,321 | 514,548 | 513,000 | 357,435 | 355,725 | 1,538,574 | 1,523,046 | PDF p. 200 |
| Property operating expenses$'000 | (187,709) | (194,943) | (181,072) | (182,177) | (102,233) | (96,001) | (471,014) | (473,121) | PDF p. 200 |
| Segment net property income$'000 | 478,882 | 459,378 | 333,476 | 330,823 | 255,202 | 259,724 | 1,067,560 | 1,049,925 | PDF p. 200 |
| Net property income margin% | 71.8 | 70.2 | 64.8 | 64.5 | 71.4 | 73.0 | 69.4 | 68.9 | PDF p. 200 |
| Segment results - Net change in fair value of right-of-use assets | |||||||||
| assets$'000 | (2,794) | (3,842) | (4,553) | (2,371) | (2,842) | (2,156) | (10,189) | (8,369) | PDF p. 200 |
Notes
Unallocated items (gain on disposal, finance costs, net income, total return) are printed only in total columns and are not extracted here. Last row's label wraps: 'Net change in fair value of right-of-use' / 'assets'. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.
Operating Segments - Segment assets and liabilities 4 lines
| Item / unit | 2025Business Space and Life Sciences, Group | 2025Industrial and Data Centres, Group | 2025Logistics, Group | 2025Total, Group | 2024Business Space and Life Sciences, Group | 2024Industrial and Data Centres, Group | 2024Logistics, Group | 2024Total, Group | Source |
|---|---|---|---|---|---|---|---|---|---|
| Assets and liabilities | |||||||||
| Segment assets$'000 | 8,334,324 | 6,155,738 | 4,790,654 | 19,280,716 | 7,768,091 | 5,599,260 | 4,351,148 | 17,718,499 | PDF p. 201 |
| Segment liabilities$'000 | 525,329 | 449,369 | 518,294 | 1,492,992 | 206,173 | 846,163 | 86,499 | 1,138,835 | PDF p. 201 |
| Capital expenditure | |||||||||
| - investment properties$'000 | 71,688 | 51,247 | 39,599 | 162,534 | 42,461 | 37,170 | 27,330 | 106,961 | PDF p. 201 |
| - investment properties under development$'000 | 59,439 | 4,612 | 126,597 | 190,648 | PDF p. 201 | ||||
Notes
Total-only 2025 lines: Unallocated assets 513,672; Total assets 19,794,388; Unallocated liabilities - loans and borrowings 7,320,228; others 126,862; Total liabilities 8,940,082 ($'000). Provision of expected credit losses on trade receivables: 359, 511, 3,120, total 3,990 (label wraps across lines).
Total-only 2024 lines: Unallocated assets 550,511; Total assets 18,269,010; Unallocated liabilities - loans and borrowings 6,524,812; others 296,848; Total liabilities 7,960,495 ($'000). Capex on investment properties under development 2024: 43,561, (637), 65,307, total 108,231 (label wraps). Provision of ECL on trade receivables 2024: 356, 676, 357, total 1,389.
By geography
Operating Segments - Geographical segments 2 lines
| Item / unit | 2025Singapore, Group | 2024Singapore, Group | 2025Australia, Group | 2024Australia, Group | 2025United Kingdom / Europe, Group | 2024United Kingdom / Europe, Group | 2025United States, Group | 2024United States, Group | 2025Total, Group | 2024Total, Group | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Geographical segments | |||||||||||
| External revenue$'000 | 1,031,874 | 1,001,381 | 133,487 | 145,004 | 169,111 | 173,738 | 204,102 | 202,923 | 1,538,574 | 1,523,046 | PDF p. 202 |
| Geographical segments - Non-current assets1 | |||||||||||
| Non–current$'000 | 13,248,057 | 11,861,822 | 2,097,765 | 2,198,660 | 1,891,573 | 1,779,186 | 2,118,228 | 1,935,971 | 19,355,623 | 17,775,639 | PDF p. 202 |
Notes
Footnote 1: Exclude financial assets and deferred tax assets. Segment revenue is based on the geographical location of properties; segment assets are based on the geographical location of the assets. Row label 'Non–current assets1' wraps across two lines.
Debt
Borrowings
Maturity of gross loans and borrowings
| Item / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Maturity of gross loans and borrowings | |||||
| Within 1 year$’000 | 1,713,159 | 981,043 | 1,086,021 | 470,646 | PDF p. 170 |
| After 1 year but within 5 years$’000 | 4,066,365 | 3,955,486 | 2,732,673 | 3,167,220 | PDF p. 170 |
| After 5 years$’000 | 1,556,065 | 1,607,388 | 1,556,065 | 663,223 | PDF p. 170 |
| Total (unlabelled)$’000 | 7,335,589 | 6,543,917 | 5,374,759 | 4,301,089 | PDF p. 170 |
Notes
Total row has no printed label.
Borrowing notes 3 tables
Loans and Borrowings - current and non-current
| Item / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Current | |||||
| Short term bank borrowings (unsecured)$’000 | 848,380 | 144,966 | 848,380 | 144,966 | PDF p. 170 |
| Current - Term loans | |||||
| - Secured$’000 | 239,385 | 244,679 | – | – | PDF p. 170 |
| - Unsecured$’000 | 387,753 | 265,718 | – | – | PDF p. 170 |
| Less: Unamortised transaction costs$’000 | (142) | (546) | – | – | PDF p. 170 |
| Current | |||||
| Medium term notes (unsecured)$’000 | 237,641 | 325,680 | 237,641 | 325,680 | PDF p. 170 |
| Total current loans and borrowings$’000 | 1,712,995 | 980,461 | 1,085,999 | 470,610 | PDF p. 170 |
| Non-current - Term loans | |||||
| - Secured$’000 | 24,734 | 244,679 | – | – | PDF p. 170 |
| - Unsecured$’000 | 3,242,856 | 3,430,277 | 1,933,898 | 1,942,525 | PDF p. 170 |
| Less: Unamortised transaction costs$’000 | (11,203) | (14,591) | (6,369) | (8,849) | PDF p. 170 |
| Non-current | |||||
| Medium term notes (unsecured)$’000 | 2,354,840 | 1,887,918 | 2,354,840 | 1,887,918 | PDF p. 170 |
| Total non-current loans and borrowings$’000 | 5,607,233 | 5,544,351 | 4,278,375 | 3,817,662 | PDF p. 170 |
| Total | |||||
| Total loans and borrowings$’000 | 7,320,228 | 6,524,812 | 5,364,374 | 4,288,272 | PDF p. 170 |
Notes
Subtotal lines after unamortised transaction costs (e.g. 626,996 / 509,851; 237,619 / 325,644; 3,256,387 / 3,660,365; 2,350,846 / 1,883,986) are printed but not separately extracted.
Liquidity risk - contractual undiscounted cash outflows, Group
| Item / unit | 2025within 1 year | 2025after 1 year but within 5 years | 2025after 5 years | 2024within 1 year | 2024after 1 year but within 5 years | 2024after 5 years | Source |
|---|---|---|---|---|---|---|---|
| Non-derivative financial liabilities | |||||||
| Loans and borrowings$’000 | 1,880,496 | 4,427,138 | 1,629,601 | 1,239,194 | 4,514,842 | 1,722,718 | PDF p. 188PDF p. 189 |
| Lease liabilities$’000 | 42,277 | 155,907 | 1,015,205 | 39,315 | 159,786 | 1,118,905 | PDF p. 188PDF p. 189 |
Notes
Expected contractual undiscounted cash outflows including estimated interest payments.
Liquidity risk - contractual undiscounted cash outflows, Trust
| Item / unit | 2025within 1 year | 2025after 1 year but within 5 years | 2025after 5 years | 2024within 1 year | 2024after 1 year but within 5 years | 2024after 5 years | Source |
|---|---|---|---|---|---|---|---|
| Non-derivative financial liabilities | |||||||
| Loans and borrowings$’000 | 1,219,392 | 3,033,020 | 1,629,601 | 618,135 | 3,244,099 | 1,043,045 | PDF p. 190PDF p. 191 |
| Lease liabilities$’000 | 41,803 | 151,506 | 964,776 | 38,393 | 155,881 | 1,070,636 | PDF p. 190PDF p. 191 |
Payout
Dividends & distributions
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution Per Unit (cents) | 15.005 cents per unit | Group, FY 2025 total DPU (after performance fee) | PDF p. 20 |
| Distribution Per Unit (cents) | 15.205 cents per unit | Group, FY 2024 comparative total DPU | PDF p. 20 |
| Distribution of 0.998 cents per unit for the period from | 0.998 cents per unit | Group, distribution for 06/06/25 to 30/06/25 (paid in FY 2025) | PDF p. 116 |
| Distribution of 6.479 cents per unit for the period from | 6.479 cents per unit | Group, distribution for 01/01/25 to 05/06/25 (paid in FY 2025) | PDF p. 116 |
| Distribution of 7.681 cents per unit for the period from | 7.681 cents per unit | Group, distribution for 01/07/24 to 31/12/24 (paid in FY 2025) | PDF p. 116 |
| Distribution of 7.524 cents per unit for the period from | 7.524 cents per unit | Group, distribution for 01/01/24 to 30/06/24 (paid in FY 2024) | PDF p. 116 |
| Distribution of 7.441 cents per unit for the period from | 7.441 cents per unit | Group, distribution for 01/07/23 to 31/12/23 (paid in FY 2024) | PDF p. 116 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Total amount available for distribution to Unitholders for the year | 678,268 $'000 | Group, 2025 (comparative 2024: 668,833) | PDF p. 116 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregate Leverage1,2,3 | 39.0% | As at 31 December 2025; comparative 31 December 2024: 37.7% · As at 2025-12-31 | PDF p. 20 |
| Interest Coverage Ratio4,5 | 3.6 x | As at 31 December 2025; comparative 31 December 2024: 3.6 x · As at 2025-12-31 | PDF p. 20 |
| Weighted Average All-in Debt Cost (per annum) | 3.5% | As at 31 December 2025; comparative 31 December 2024: 3.7% · As at 2025-12-31 | PDF p. 20 |
| Fixed Rate Debt as a % of Total Debt | 75.4% | As at 31 December 2025; comparative 31 December 2024: 82.7% · As at 2025-12-31 | PDF p. 20 |
| Weighted Average Term of Debt Outstanding | 3.1 years | As at 31 December 2025; comparative 31 December 2024: 3.5 years · As at 2025-12-31 | PDF p. 20 |
| Total Portfolio Occupancy | 90.9% | As at 31 December 2025; comparative 31 December 2024: 92.8%; change -1.9 ppt · As at 2025-12-31 | PDF p. 35 |
| portfolio value | S$18.2 billion | FY 2025 (2025 Highlights); no comparative given | PDF p. 4 |
| Net asset value per Unit (S$)1 | 2.29 S$ per unit | FY 2025; comparative FY 2024: 2.27 (FY2023 2.26, FY2022 2.37, FY2021 2.38) | PDF p. 40 |
| Distribution Per Unit (cents) | 15.005 cents | FY 2025; comparative FY 2024: 15.205; variance -1.3% | PDF p. 20 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Deloitte & Touche LLP | Group and Trust, year ended 31 December 2025 | PDF p. 113 |
| Engagement partner | Mr. Patrick Tan Hak Pheng | Group and Trust, year ended 31 December 2025 | PDF p. 113 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.