A17U.SI
SGX50SESCapitaLand Ascendas REIT
Real Estate · REIT - Industrial · Singapore
CapitaLand Ascendas REIT (CLAR) is Singapore's first and largest listed business space and industrial real estate investment trust. It was listed on the Singapore Exchange Securities Trading Limited (SGX-ST) in November 2002. CLAR has since grown to be a global REIT anchored in Singapore, with a strong focus on technology and logistics properties in developed markets. As of 31 December 2025, its investment properties under management stood at 18.2 billion US dollars. It owns a total of 226 properties across three segments, namely Business Space & Life Sciences; Industrial & Data Centres; and Logistics. These properties are in the developed markets of Singapore, Australia, the US, and the UK/Europe. These properties house a tenant base of 1,731 international and local companies from a wide range of industries and activities, including data centres, information technology, engineering, logistics and supply chain management, biomedical sciences, financial services (backroom office support), electronics, government and other manufacturing and services industries. Major tenants include Sea Group, DSO National Laboratories, Stripe, Entserve UK, Singtel, DHL, Seagate Singapore, DBS Bank and Citibank. CapitalLand Ascendas REIT was established on October 09, 2002 and was incorporated in 2002 in Singapore.
www.capitaland-ascendasreit.com ↗Shares trade at a low 14.6× trailing earnings, easing to 15.5× on forward estimates. Profitability shows a net margin of 57.5% and return on equity of 7.1%. Leverage is high at 4.7× net debt/EBITDA. Revenue grew 5.9% year-on-year. It yields 7.6% in dividends. The mean analyst target of SGD3.09 sits 24.0% above the current price (no rating, 16 analysts).
business model
CapitaLand Ascendas REIT (CLAR) is Singapore's largest business-space and industrial REIT, sponsored by CapitaLand Investment. It owns a diversified portfolio of business and science parks, industrial and logistics properties, and data centres across Singapore, the United States, Australia and the UK/Europe. As a Singapore REIT it distributes at least 90% of taxable income to unitholders, with distributions funded by rental income from a large, diversified tenant base.
revenue segments
Rental income is spread across property sub-types: business and science parks, high-specification industrial and logistics/warehouse assets, integrated developments, and data centres. Geographically Singapore remains the largest contributor, complemented by growing overseas exposure in the US, Australia and Europe/UK.
key dependencies
Performance depends on industrial and business-park occupancy and rental reversions, tenant credit quality, and demand tailwinds in logistics and data centres. Interest rates drive borrowing costs and valuations, while the CapitaLand Investment sponsor pipeline and development/redevelopment projects support growth. Currency exposure from overseas assets and gearing limits are also key.
competitors
It competes with other industrial and logistics REITs such as Mapletree Logistics Trust, Mapletree Industrial Trust, Frasers Logistics & Commercial Trust and ESR-REIT, as well as with private industrial landlords and global logistics investors for assets and tenants.
moat
Advantages include large diversified scale, a broad tenant base that limits single-tenant risk, exposure to structurally growing logistics and data-centre demand, and a strong sponsor providing pipeline and development capability. Size supports funding-cost advantages and large acquisitions.
risks
Higher interest rates raise financing costs and can weigh on valuations and distributions. Industrial supply, tenant concentration in certain assets, lease expiries and reversion risk, plus currency and refinancing exposure, are ongoing concerns, along with any dilution from equity raising to fund acquisitions.
Financials & metrics
as of 04 Jul 2026Tap any metric for an explanation.● provider● computedN/A not available from source
Dividends
This company does not currently pay a dividend.
Analyst assessment
as of 04 Jul 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.