ACDSF - Ascendas Real Estate Investment Trust: Resilient Portfolio With Multiple Growth Drivers
Elevator Pitch
I assign a "Neutral" rating to Singapore-listed industrial REIT Ascendas Real Estate Investment Trust (ACDSF) [AREIT:SP] or Ascendas REIT. I like the fact that Ascendas REIT managed to deliver positive portfolio rental reversions despite challenging times in 3Q2019 and FY2019, due to the REIT's focus on business parks & high-specifications industrial properties, and tenant diversification. Furthermore, Ascendas REIT has multiple Distribution Per Unit or DPU growth drivers such as asset enhancement initiatives, redevelopment, and acquisitions.
However, positives for Ascendas REIT have largely been priced in at current valuations, which explains the