ACDSF - CapitaLand Ascendas REIT (ACDSF) FY2023 Earnings Call Transcript
2024-02-01 15:29:05 ET
CapitaLand Ascendas REIT (ACDSF)
FY2023 Earnings Conference Call
February 1 2024 4:30 AM ET
Company Participants
Yeow Kit Peng - Head, Capital Markets & Investor Relations
William Tay - Chief Executive Officer
James Goh - Head, Portfolio Management
Koo Lee Sze - Chief Financial Officer
Conference Call Participants
Mervin Song - JP Morgan Securities
Derek Chang - Morgan Stanley
Wong Yew Kiang - CLSA Singapore
Joy Wang - HSBC Global Research
Xavier Lee - Morningstar Equity Research
Presentation
Operator
Good evening, ladies and gentlemen. Welcome to the FY2023 Results Briefing of CapitaLand Ascendas REIT or CLAR for short. We thank you for joining us in-person and online today. Before we begin, let me just give you a few housekeeping notes. This briefing consists of a presentation by management as well as a Q&A session. [Operator Instruction]
So, before we begin the session proper, let me just introduce the management on the panel. First, we have Mr. William Tay, CEO of CapitaLand Ascendas REIT; second, we have Ms. Koo Lee Sze, CFO of CapitaLand Ascendas REIT; next we have Ms. Yeow Kit Peng, Head of Capital Markets and Investor Relations; and finally, we have Mr. James Goh, Head of Portfolio Management.
And with that, I will now hand the time over to Ms. Yeow Kit Peng, who will begin with the presentation. Thank you.
Yeow Kit Peng
Hi, good evening, everyone. Thank you for attending this briefing. Okay, some highlights first, before we dive into the details. Portfolio occupancy remained high at 94.2%. And we achieved a high rental reversion of 13.4% for leases that were renewed in FY2023. Gearing is healthy at 37.9% and we continue to have a high level of natural hedge of 81%. Distributable income declined 1.4% to S$654 million. And DPU declined by 4% to S$0.1516. Investment properties grew 3% to S$16.9 billion. On the same-store basis, property valuation declined about 1.8% to S$16 billion.
Okay, financial performance, full year FY23 versus the previous FY22. Gross revenue increased 9.4%, driven mainly by full year contributions from new acquisitions in FY23, i.e. the data center in Watford, UK; 1 Buroh Lane, Toa Payoh Lorong 1, and The Shugart in Singapore. So full year contribution from properties acquired in FY2022, that is the seven logistics properties in Chicago also contributed, and as well as better performance from existing properties. ...
CapitaLand Ascendas REIT (ACDSF) FY2023 Earnings Call Transcript