Link: https://links.sgx.com/1.0.0/corporate-announcements/1SFB2PZ1JWR3XLSU/40fc19ed2ac8f85509eaa0d0e09b08f1c1eb2afef30bd91e4a5264b8e0dd015f

Summary:

• Distributable income for 1H 2025 stable at S$331.1 million, up 0.1% year-on-year.

• Distribution per Unit (DPU) at 7.477 Singapore cents, down 0.6% year-on-year due to a larger unit base after new issuances.

• Gross revenue fell 2.0% YoY to S$754.8 million, mainly due to property divestments and a redevelopment, partly offset by acquisitions.

• Net property income slightly decreased by 0.9% YoY to S$523.4 million.

• Portfolio occupancy remains healthy at 91.8%. Singapore portfolio occupancy: 91.2%. Australia: 93.1%. US: 87.3%. UK/Europe: 98.9%.

• Positive average rental reversion of 9.5% achieved in 1H 2025 leases, led by logistics, IT/data centre, and education/media sectors.

• Aggregate leverage at a healthy 37.4%, improved after a S$500 million fundraising. Cost of debt stable at 3.7%.

• Major asset acquisitions in Singapore and the US totaling S$878 million. New assets include 9 Tai Seng Drive and 5 Science Park Drive, both fully leased, and DHL Indianapolis Logistics Center.

• Redevelopment of 1 Science Park Drive completed at S$883 million, with 95% of net lettable area already committed or in advanced negotiations.

• Total portfolio value at S$16.8 billion across 229 properties (Singapore: 65%, Australia: 13%, US: 12%, UK/Europe: 10%).

• CLAR’s portfolio is diversified: 45% Business Space & Life Sciences, 29% Industrial & Data Centres, 26% Logistics.

• Ongoing asset enhancements and redevelopments valued at S$498.4 million are underway; six projects scheduled through 1Q 2028.

• Divested Parkside, Portland, US, for S$26.5 million (45% above market valuation).

• Strong sustainability progress: 86 green-certified properties (49% of portfolio by floor area); solar panels on 27 properties; green lease coverage 59%.

• Global economic outlook for 2025 remains uncertain. Singapore GDP forecast between 0.0–2.0%. US GDP growth at 1.8%; Australia at 1.6%; UK at 1.2%.

• CLAR remains anchored in Singapore, focusing on further portfolio growth and sustainable returns through acquisitions, developments, AEIs, and divestments.

• Maintains Moody’s A3 investment grade rating and strong liquidity to pursue new accretive opportunities.