Evidence library · Singapore · Industrial, business-space, data-centre and logistics real estate
Information cut-off 9 September 2026
CapitaLand Ascendas REIT SGX: A17U
Public evidence is available. A credit initiation dated 10 September 2026 is available in the authenticated private research library. A separately reviewed conditional equity valuation and integrated model workbook are also available there. The prior full equity report and deck remain withheld.
Investor snapshot
Business model
CapitaLand Ascendas REIT owns business-space, industrial, data-centre and logistics properties.
Evidence now
In 1H2026, revenue rose 6.7% to S$805.5m while distribution per unit was 7.482 cents, broadly unchanged.
Main risk
The central risk is that acquisitions, property spending and refinancing needs do not convert reported growth into cash per unit.
Next proof
The next test is the next business update's occupancy, property spending, funding-tenor and distribution-to-cash bridge.
On this page
SGX: A17U | Information through 9 September 2026 | Public evidence and open questions
CapitaLand Ascendas REIT owns business-space, industrial, data-centre and logistics properties. Corporate tenants pay for premises and the property services specified in their leases. The portfolio supports activities ranging from research and manufacturing to warehousing and distribution. The REIT earns property income as a landlord. 2025 annual report
Business and reporting map
Rent depends on occupied space, effective lease rates and contractual recoveries. Property taxes, services and other operating expenses reduce revenue to net property income (NPI). Financing, manager fees, trust costs and property spending then affect the cash available to unit holders.
The capital-productivity comparison divides six months of NPI by closing segment assets. It is not annualised ROIC. Segment assets exclude some unallocated group items. Associate and joint-venture interests are accounted for separately from consolidated property revenue. Segment and investment notes
Latest reported period
In the first half of 2026, revenue was S$ 805.5 million and NPI was S$ 556.1 million. Reported DPU was 7.482 cents. Revenue grew 6.7% against the same half a year earlier, while DPU grew 0.07%. 1H2026 financial statements
The manager's first-half presentation reports a Moody's A3 issuer rating as at 30 June 2026. This is the issuer's dated disclosure; SMID's companion research does not assign its own rating. Issuer-reported agency rating, physical PDF page 24
The derived cash measure deducts all improvements, including an undisclosed mix of maintenance and enhancement. It precedes development, acquisitions and ordinary-unit distributions. It is separate from the issuer's distributable-income definition and does not identify how any individual distribution was financed.
June regulatory gearing was 39.7%, and the issuer reported interest coverage of 3.5 times including perpetual distributions. IFRS borrowings, lease liabilities and the regulatory debt measure have different definitions. Capital-management presentation
Calendar year
Debt after stated term-outs, S$m
2026
868
2027
939
2028
1,224
2029
1,325
2030
968
2031
1,427
2032
815
2034
300
Source: June 2026 presentation. 2026 means the remaining year; planned term-outs are assumptions, with commitments not fully verified.
The stated term-out schedule is distinct from the June balance-sheet classification. The August US$300 million revolving facility is one disclosed component of the term-out plan. Facility announcement
Historical financial record
Year ended 31 December
Revenue S$m
NPI S$m
Total return S$m
Actual DPU cents
CFO S$m
FY2020
1,049.5
776.2
457.1
14.688
729.5
FY2021
1,226.5
920.8
957.0
15.258
726.8
FY2022
1,352.7
968.8
760.4
15.798
1,017.9
FY2023
1,479.8
1,023.2
168.3
15.160
956.3
FY2024
1,523.0
1,049.9
764.1
15.205
947.8
FY2025
1,538.6
1,067.6
779.7
15.005
1,068.9
Source: annual reports and reconciled historical spread. Total return includes valuation and other accounting effects; CFO precedes financing cash costs. The accompanying historical data preserves the full source-period series, including the IPO stub and the nine-month transition.
The accompanying historical data preserves the original fiscal periods, including the IPO stub and the separate nine-month 2019 transition. Total return includes valuation and other accounting effects. Growth across the full series also reflects acquisitions, geography changes and capital raised.
Filed developments and delivery record
The August disclosures confirmed the completion of Tuas and Loyang logistics acquisitions and the allocation of the previously raised equity proceeds. These are completed-event records. The proposed Kim Chuan disposal remains a separate item whose completion had not been verified at the cutoff. Tuas completionLoyang completionPortfolio transactions
Management's AGM discussion provides context for Telepark and possible power expansion at 9 Tai Seng Drive. The formerly vacant and use-constrained 30 Tampines property was divested on 16 October 2025. Tampines completion announcement Potential projects remain distinct from current occupied area and earned rent. 2026 AGM minutes2025 AGM minutes
Governance and assurance records
Deloitte & Touche LLP audited FY2024 and FY2025; Patrick Tan Hak Pheng is named as engagement partner in both reports. Both express fair-presentation opinions. The named key audit matter remains valuation of investment properties and properties under development. FY2024 also identifies the prior-year audit by another firm in an Other Matter paragraph. FY2025 auditor report, PDF pages 110–113FY2024 auditor report, PDF pages 104–107
FY2025 reported related-party categories include management fees of S$87.888m, property service fees to the property manager of S$34.709m and acquisition fees to the manager of S$14.163m. These figures are not an estimate of leakage and must not be added to the separately scoped interested-person transaction table. Related-party and interested-person records, PDF pages 179 and 206
The annual report's 3 March 2026 snapshot records Temasek deemed 18.62%, CapitaLand Investment deemed 16.97% and CLI RE Fund Investments Pte. Ltd. direct 16.91%. These overlapping interests must not be summed. The snapshot predates the later equity raising and is not a current free-float estimate. Dated substantial interests, PDF page 205
Open disclosure questions
The remaining questions concern the maintenance and enhancement spending split, tenant incentives, land-renewal conditions and premiums, joint-venture distribution restrictions, and committed undrawn facilities by obligor and expiry. The next business update is an estimated monitoring window. A release date and resolution of these questions are not assumed.
The source appendix retains conflicting and restated figures with their document locations.
This page contains historical and reported evidence. The password-gated private research library offers the credit initiation dated 10 September 2026 and its Markdown source. It also offers a separately reviewed conditional equity valuation, integrated forecast workbook and model repair note. The prior full equity report and deck remain withheld; no equity recommendation or portfolio authority is assigned.
Sources are linked beside the corresponding facts. Derived measures are labelled with their definitions. No public recommendation or fair-value conclusion appears on this page.
How this research was produced
The source library contains 156 records, with 33 full reads and 28 focused reads recorded. Sources include annual reports, results, transaction documents, debt terms and market observations. A versioned calculation record supplies the reported figures. A separately reviewed conditional equity valuation and integrated forecast workbook are available in the authenticated private library, with their assumptions and limitations. The prior full equity report and deck remain withheld. Source checking covered 5 rounds over specified documents and additions. Review scope and findings are recorded alongside the private research pack. Funding access, property spending, land renewal and joint-venture cash remain material uncertainties. No management meeting, site visit or non-public information was used. Author holdings, issuer payments and consulting relationships have not been declared; no absence of conflicts is asserted.
The stated term-out plan still leaves annual refinancing needs. Sources: clar-1h2026-presentation
Share price and developments, quarter by quarter
Over the window CapitaLand Ascendas REIT returned −0.8% on a dividend-adjusted basis; the Straits Times Index (price index) returned +78.0% and the median of the 3 listed comparisons −5.8%.
The detector flagged 18 large moves in the window — 12 single sessions and 6 weekly windows — before any news was read. 1 market move, 14 sector moves; 3 are left over after both controls, unexplained by them. Of those, 1 followed a filing by timestamp and 2 have nothing filed against them beyond routine notices and are recorded as unexplained rather than explained away.
Select a quarter to read the filed results, property transactions, financing and governance developments beside the price record. The line shows the traded closing price in Singapore dollars. Returns use the provider’s dividend-adjusted prices; the STI is a price index without reinvested dividends, so these are not matched total-return comparisons.
The peer control is the same-session median of Mapletree Industrial Trust, Mapletree Logistics Trust and Frasers Logistics & Commercial Trust. Their property and geographic mixes differ from CLAR’s. Co-movement and the return left after subtracting a control are descriptive comparisons, not proof of a cause.
Click a quarter — on the chart or in the return strip under it — to read its filings beside its large moves.
Key: CapitaLand Ascendas REIT (A17U) as a solid line; Straits Times Index (price index) rebased, dashed; peer median rebased, dotted; the benchmark runs off scale from Jul 24 and is clipped there; the peer median runs off scale Dec 24–Jul 25 and is clipped there; filing ticks above the axis; ex-dividend ticks on it; numbered pins are moves with a written note; plain dots are other detected moves.
How to read the tags.Market-wide and Sector-wide mean the index or the peer median moved with the share over the same session or week; Residual means the move is still large after both are subtracted. A residual is what is left over, not a cause: it does not establish that the company’s own news moved the price, and an unchanged or thinly traded price is not proof that no information arrived. Returns use the dividend-adjusted close; a filing released after the open is read against the next session.
Q3 2023
11 Sep 2023 – 29 Sep 2023 (part quarter)
A17U −2.1%STI −0.0%Peer median −2.6%Range S$2.71–S$2.83Close S$2.75
Key developments
No substantive development was selected from the enumerated issuer filings in this quarter. Routine filings may still have been released.
Large price moves
No daily or weekly observation entered the fixed large-move selection set in this quarter.
Q4 2023
2 Oct 2023 – 29 Dec 2023
A17U +10.2%STI +0.7%Peer median +11.1%Range S$2.48–S$3.03Close S$3.03
Portfolio occupancy was 94.5% versus 94.4% in June, and rental reversion was 10.2%. Aggregate leverage rose to 37.2% from 36.7%; all-in debt cost was 3.3% and 80.6% of debt was fixed-rate. The update recorded the S$209.4m Watford acquisition completed in August and MQX4 completed on 17 October at S$161.0m land and development cost; MQX4 occupancy of 100% included a three-year rental guarantee. The business update did not publish quarterly revenue, NPI, DPU or cash-flow statements.
Released Guidance: Management expected FY2023 rental reversion in the positive high-single-digit range.Reaction (next session, 30 Oct): A17U +2.8% · STI +0.1% · peers +0.5% · 1.8× median volumeSource: Primary filing (5, 9, 11, 13, 24)
8Dec
S$2.85Capital and corporate development
US$200m committed revolving credit facility maturing in 2030.
The committed revolving credit facility was entered into by wholly owned Ascendas US REIT LLC; the CLAR trustee guaranteed it. Removal of the manager without a replacement appointed under the trust deed is an event of default. If that occurs and amounts due under the facility are unpaid, other borrowing agreements may cross-default. Affected outstanding borrowings were approximately S$6.6bn, excluding interest and after intended repayment using the facility; the manager said the specified event had not occurred.
Released Guidance: No forward operating guidance was issued.Reaction (next session, 11 Dec): A17U −0.4% · STI −0.7% · peers +0.4% · 0.9× median volumeSource: Primary filing (1)
Large price moves
1
18 Oct 2023 · −3.0% · Sector-wide · index −1.1%, peers −1.9%, left over −1.1%
Observed return -2.95%; STI -1.11%; peer median -1.87%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
week to 20 Oct 2023 · −7.8% · Sector-wide · index −3.4%, peers −5.6%, left over −2.2%
Observed return -7.81%; STI -3.42%; peer median -5.61%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
30 Oct 2023 · +2.8% · Residual · index +0.1%, peers +0.5%, left over +2.3%
Observed return +2.79%; STI +0.08%; peer median +0.47%. The session followed the 27 October, 17:33:33 business update, which reported 94.5% occupancy and 10.2% rental reversion. The +2.32-point peer residual coincided with that release; the filing alone does not establish causation.
week to 3 Nov 2023 · +7.6% · Sector-wide · index +2.7%, peers +6.4%, left over +1.2%
Observed weekly return +7.57%; the peer comparison supports a shared sector influence. This window also includes the first session after the 27 October business update. The weekly observation cannot isolate that release from the broader market move.
14 Dec 2023 · +5.3% · Sector-wide · index +0.6%, peers +3.7%, left over +1.6%
Observed return +5.28%; STI +0.60%; peer median +3.68%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
A17U −6.1%STI −0.5%Peer median −7.8%Range S$2.66–S$2.98Close S$2.77
Key developments
1Feb
S$2.84Results
FY2023 revenue and NPI rose; DPU fell 4.0% to 15.160 cents.
Revenue rose 9.4% to S$1,479.8m and NPI 5.6% to S$1,023.2m, supported by acquisitions and Singapore leasing. NPI/revenue was 69.1% versus 71.6%. Utilities and property tax dampened NPI growth; higher finance costs reduced distributable income 1.4% to S$654.4m. An enlarged unit base also contributed to the 4.0% DPU decline to 15.160 cents; 2H DPU was 7.441 cents. Operating cash flow was S$956.3m and year-end cash S$221.6m. Occupancy was 94.2% and leverage 37.9%. Same-store valuations fell 1.8%, including an 18.5% US decline.
Released Guidance: Management highlighted inflation, geopolitical uncertainty and China-related risks to tenants and costs.Reaction (next session, 2 Feb): A17U +1.1% · STI +1.2% · peers +1.8% · 1.5× median volumeSource: Primary filing (1–7) · Primary filing (37)
8Feb
S$2.70Ex-distribution date
Ex-distribution: 7.441 Singapore cents per unit.
2023-07-01 to 2023-12-31. E denotes the provider’s ex-distribution date; the amount is corroborated by issuer reporting. This is a calendar observation, not a filing release.
Divestment of three Queensland logistics properties completed.
CLAR completed the divestment of 77 Logistics Place, 62 Sandstone Place and 92 Sandstone Place, referring to its 20 December 2023 announcement.
Released Guidance: No forward operating guidance was issued.Reaction (next session, 28 Feb): A17U +0.0% · STI −0.6% · peers −1.3% · 1.4× median volumeSource: Primary filing (1)
22Mar
S$2.74Capital and corporate development
S$300m term loan facility maturing in 2031.
The term loan facility was entered into by HSBC Institutional Trust Services (Singapore) Limited as CLAR trustee. Removal of the manager without a replacement appointed under the trust deed is an event of default. If that occurs and amounts due under the facility are unpaid, other borrowing agreements may cross-default. Affected outstanding borrowings were approximately S$6.8bn, excluding interest and after intended repayment using the facility; the manager said the specified event had not occurred.
Released Guidance: No forward operating guidance was issued.Reaction (next session, 25 Mar): A17U +0.0% · STI −0.6% · peers −0.9% · 0.9× median volumeSource: Primary filing (1)
Large price moves
No daily or weekly observation entered the fixed large-move selection set in this quarter.
Q2 2024
1 Apr 2024 – 28 Jun 2024
A17U −7.6%STI +3.4%Peer median −8.5%Range S$2.53–S$2.78Close S$2.56
Key developments
22Apr
S$2.55Results
1Q 2024 update: occupancy 93.3%; originally reported reversion was later corrected.
Occupancy fell to 93.3% from 94.2% at December 2023, with Singapore at 92.3%, the US 89.5%, Australia 96.6% and UK/Europe 97.5%. Aggregate leverage increased to 38.3% from 37.9%. The original update reported 16.9% portfolio rental reversion; management subsequently corrected this to 16.0% on 2 May (see the 2 May correction below). No quarterly revenue, NPI, DPU or cash-flow statements were published in this business update.
Released Guidance: Management expected FY2024 rental reversion in the positive mid-single-digit range.Reaction (next session, 23 Apr): A17U +1.6% · STI +1.5% · peers +1.8% · 1.9× median volumeSource: Primary filing (5, 14–20) · Primary filing (1)
26Apr
S$2.60Capital and corporate development
Deloitte & Touche LLP appointed as auditor in place of Ernst & Young LLP.
The change took effect at the annual general meeting on 26 April 2024.
The revised presentation changed portfolio rental reversion from the originally reported 16.9% to 16.0%. The explanatory corrigendum stated that US and US logistics should show no multi-tenant renewals: the earlier 28.7% figure related to a single-tenant lease renewal. Other information was unchanged. The revised presentation was released at 06:15:03; the explanatory corrigendum followed at 06:19:44.
Released Guidance: No change to the previously stated outlook was announced.Reaction (same session): A17U −0.4% · STI +0.1% · peers −0.5% · 1.6× median volumeSource: Primary filing (5, 20) · Primary filing (1)
29May
S$2.62Capital and corporate development
S$300m of 3.73% green notes issued, due 29 May 2034.
The senior unsecured fixed-rate notes pay interest semi-annually in arrears. Net proceeds were intended to finance or refinance eligible green projects under CLAR’s green finance framework. The issuance followed pricing on 20 May.
Released Guidance: Proceeds were designated for eligible green projects.Reaction (next session, 30 May): A17U +0.8% · STI +0.0% · peers +0.0% · 0.9× median volumeSource: Primary filing (1–2)
Large price moves
7
week to 19 Apr 2024 · −5.2% · Sector-wide · index −1.3%, peers −6.7%, left over +1.5%
Observed return -5.19%; STI -1.26%; peer median -6.73%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
A17U +14.9%STI +7.6%Peer median +16.9%Range S$2.54–S$2.97Close S$2.86
Key developments
30Jul
S$2.68Results
1H2024 NPI rose 3.9%; DPU fell 2.5% to 7.524 cents.
Revenue rose 7.2% to S$770.1m and NPI 3.9% to S$528.4m, driven by acquisitions and completed properties, partly offset by property expenses; NPI/revenue was 68.6% versus 70.9%. Distributable income increased 1.0% to S$330.8m, while the enlarged unit base reduced DPU 2.5% to 7.524 cents. Finance costs excluding lease interest rose 16.3% to S$123.3m. Operating cash flow was S$486.5m and cash S$167.2m. Occupancy was 93.1%; US occupancy fell to 87.7% after single-tenant lease expiries. Leverage was 37.8% and debt cost 3.7%.
Released Guidance: Management expected FY2024 rental reversion in the positive high-single-digit range.Reaction (next session, 31 Jul): A17U +1.5% · STI +0.4% · peers +0.1% · 1.6× median volumeSource: Primary filing (1–4, 7) · Primary filing (34)
6Aug
S$2.61Ex-distribution date
Ex-distribution: 7.524 Singapore cents per unit.
2024-01-01 to 2024-06-30. E denotes the provider’s ex-distribution date; the amount is corroborated by issuer reporting. This is a calendar observation, not a filing release.
12 Jul 2024 · +3.4% · Sector-wide · index +0.7%, peers +3.6%, left over −0.2%
Observed return +3.42%; STI +0.65%; peer median +3.63%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
week to 12 Jul 2024 · +6.7% · Sector-wide · index +2.5%, peers +6.6%, left over +0.0%
Observed return +6.67%; STI +2.55%; peer median +6.64%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
5 Aug 2024 · −2.9% · Sector-wide · index −4.1%, peers −2.9%, left over +0.0%
Observed return -2.88%; STI -4.07%; peer median -2.91%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
20 Sep 2024 · −3.4% · Sector-wide · index −0.2%, peers −2.5%, left over −0.8%
Observed return -3.38%; STI -0.23%; peer median -2.54%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
Occupancy fell to 92.1% from 93.1% in June. Australia declined to 91.7% from 96.8%, chiefly after the Clunies Ross lease expiry; US occupancy was 87.1% versus 87.7%. Rental reversion was 14.4%. Leverage rose to 38.9% from 37.8%, while debt cost stayed at 3.7%; 80.2% of debt was fixed-rate. Two asset enhancements totalling S$3.9m had completed. The proposed S$112.8m sale of 21 Jalan Buroh was expected to complete in 4Q2024. No quarterly revenue, NPI, DPU or cash-flow statements were published in this business update.
Released Guidance: Management expected FY2024 rental reversion in the positive high-single-digit range.Reaction (next session, 28 Oct): A17U −0.4% · STI −0.3% · peers +0.0% · 0.5× median volumeSource: Primary filing (5, 12–14, 17–24)
25Oct
S$2.75Capital and corporate development
S$467.9m of the S$500m private-placement proceeds had been used.
CLAR reported a further S$12.5m of proceeds used for a Singapore logistics redevelopment; S$32.1m remained unutilised.
Released Guidance: No forward operating guidance was issued.Source: Primary filing (1–2)
28Nov
S$2.64Capital and corporate development
Divestment of 21 Jalan Buroh completed.
CLAR announced completion of the Singapore logistics-property divestment, referring to the proposed transaction announced on 11 October 2024.
Released Guidance: No forward operating guidance was issued.Reaction (next session, 29 Nov): A17U −0.8% · STI +0.1% · peers −0.4% · 0.7× median volumeSource: Primary filing (1)
17Dec
S$2.55Capital and corporate development
US$280m committed revolving credit facility maturing in 2030.
The committed revolving credit facility was entered into by wholly owned Ascendas US REIT LLC; the CLAR trustee guaranteed it. Removal of the manager without a replacement appointed under the trust deed is an event of default. If that occurs and amounts due under the facility are unpaid, other borrowing agreements may cross-default. Affected outstanding borrowings were approximately S$6.6bn, excluding interest and after intended repayment using the facility; the manager said the specified event had not occurred.
Released Guidance: No forward operating guidance was issued.Reaction (next session, 18 Dec): A17U +0.0% · STI −0.5% · peers +0.0% · 0.6× median volumeSource: Primary filing (1)
30Dec
S$2.57Capital and corporate development
Board and investment committee change effective 1 January 2025.
Vinamra Srivastava replaces Lim Cho Pin Andrew Geoffrey as a non-executive, non-independent director and investment committee member; Michelle Koh resigns as company secretary on 31 December 2024.
Released Guidance: The board change takes effect on 1 January 2025.Source: Primary filing (1–2)
Large price moves
No daily or weekly observation entered the fixed large-move selection set in this quarter.
Q1 2025
2 Jan 2025 – 28 Mar 2025
A17U +7.0%STI +4.9%Peer median +4.0%Range S$2.52–S$2.67Close S$2.67
Key developments
15Jan
S$2.54Capital and corporate development
Completed the acquisition of DHL Indianapolis Logistics Center.
The US logistics property was acquired through wholly owned Ascendas Reit Indiana 1 LLC. The completion announcement refers to the previously announced S$150.3m acquisition.
Released Reaction (same session): A17U +0.0% · STI −0.4% · peers +0.0% · 0.9× median volumeSource: Issuer announcement
6Feb
S$2.59Results
FY 2024: NPI rose 2.6% to S$1,049.9m; DPU increased 0.3% to 15.205 cents.
Revenue grew 2.9% to S$1,523.0m and distributable income increased 2.2% to S$668.8m. Earlier acquisitions and completed developments supported growth, partly offset by disposals and decommissioning. Cash and fixed deposits were S$167.7m; debt was S$6.71bn, leverage 37.7% and borrowing cost 3.7%. The 2H distribution of 7.681 cents was payable 11 March 2025.
Released Guidance: Management expected positive mid-single-digit rental reversion for FY 2025.Reaction (next session, 7 Feb): A17U +1.9% · STI +0.8% · peers +0.5% · 2.3× median volumeSource: FY2024 financial disclosure · FY2024 financial disclosure
13Feb
S$2.57Ex-distribution date
Ex-distribution: 7.681 Singapore cents per unit.
2H FY2024 regular distribution. E denotes the provider’s ex-distribution date; the amount is corroborated by issuer reporting. This is a calendar observation, not a filing release.
No daily or weekly observation entered the fixed large-move selection set in this quarter.
Q2 2025
1 Apr 2025 – 30 Jun 2025
A17U +2.9%STI −0.2%Peer median −3.1%Range S$2.44–S$2.74Close S$2.68
Key developments
28Apr
S$2.68Business update
1Q 2025: occupancy declined to 91.5%; rental reversion was 11.0%.
Occupancy fell from 92.8% at December 2024. Aggregate leverage rose to 38.9% from 37.7%, while borrowing cost fell to 3.6% from 3.7%. About 74% of debt was fixed-rate; S$365m was due for refinancing in 2025, excluding revolving facilities. Completed acquisitions, redevelopment and asset enhancements totalled S$458.2m.
Released Guidance: Management expected FY 2025 rental reversion in the positive mid-single-digit range.Reaction (next session, 29 Apr): A17U −1.1% · STI −0.2% · peers +0.0% · 1.0× median volumeSource: Issuer announcement
28May
S$2.61Capital and corporate development
Proposed acquisitions of 9 Tai Seng Drive and 5 Science Park Drive.
Estimated total acquisition costs were S$463.6m and S$261.0m, respectively. The 9 Tai Seng agreed property value was S$455.2m; its estimated trust purchase consideration of S$471.0m included other net assets. The 5 Science Park purchase consideration was S$245.0m. Unitholder approval was to be sought, with completion intended in 2H 2025.
Released Reaction (same session): A17U +0.0% · STI +0.4% · peers +0.0%Source: Issuer announcement
29May
S$2.61Capital and corporate development
Private placement priced 202.43m new units at S$2.470.
The placement raised approximately S$500m gross and was 4.1 times subscribed. The new units were expected to start trading at 09:00 on 6 June 2025.
Released Reaction (same session): A17U +0.0% · STI +0.1% · peers −0.5% · 3.2× median volumeSource: Issuer announcement
4Jun
S$2.56Ex-distribution date
Ex-distribution: 6.479 Singapore cents per unit.
1 January-5 June 2025 advanced distribution, linked to the May 2025 private placement. E denotes the provider’s ex-distribution date; the amount is corroborated by issuer reporting. This is a calendar observation, not a filing release.
The S$2.470 issue price raised approximately S$500m gross. Total units increased to 4,602,961,109, with trading scheduled from 09:00. The new units did not qualify for the advanced distribution. S$5m of placement proceeds had been used for fees and expenses.
Released Reaction (same session): A17U +0.0% · STI +0.4% · peers +0.0% · 1.7× median volumeSource: Issuer announcement
Large price moves
12
7 Apr 2025 · −5.5% · Sector-wide · index −7.5%, peers −7.1%, left over +1.6%
Observed return -5.49%; STI -7.46%; peer median -7.10%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
9 Apr 2025 · −3.2% · Sector-wide · index −2.2%, peers −5.4%, left over +2.2%
Observed return -3.17%; STI -2.18%; peer median -5.39%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
10 Apr 2025 · +4.5% · Market-wide · index +5.4%, peers +2.5%, left over +2.0%
Observed return +4.51%; STI +5.43%; peer median +2.53%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
week to 11 Apr 2025 · −8.4% · Sector-wide · index −8.2%, peers −12.0%, left over +3.6%
Observed return -8.42%; STI -8.19%; peer median -12.02%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
week to 17 Apr 2025 · +5.2% · Sector-wide · index +5.9%, peers +9.3%, left over −4.1%
Observed return +5.20%; STI +5.92%; peer median +9.26%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
A17U +4.5%STI +8.5%Peer median +7.6%Range S$2.67–S$2.86Close S$2.79
Key developments
4Aug
S$2.80Results
1H 2025: NPI fell 0.9% to S$523.4m; DPU declined 0.6% to 7.477 cents.
Revenue fell 2.0% to S$754.8m. Distributable income was S$331.1m, up 0.1%. Divestments and decommissioning reduced revenue, partly offset by the Indianapolis acquisition. Cash and fixed deposits were S$180.9m; debt was S$6.71bn and leverage 37.4%. Borrowing cost was 3.7%. The residual 0.998-cent distribution was payable 4 September, following the 6.479-cent advanced distribution.
Completed the acquisition of 5 Science Park Drive.
CLAR used S$137.1m of private-placement proceeds to partly fund the acquisition. Including debt repayment and fees, S$223.7m of the S$500m placement had been used, leaving S$276.3m.
Released Reaction (next session, 7 Aug): A17U +0.4% · STI +0.7% · peers +0.0% · 1.2× median volumeSource: Issuer announcement
11Aug
S$2.70Ex-distribution date
Ex-distribution: 0.998 Singapore cents per unit.
6-30 June 2025 residual distribution after the advanced distribution. E denotes the provider’s ex-distribution date; the amount is corroborated by issuer reporting. This is a calendar observation, not a filing release.
CLAR initially allocated S$275.5m of placement proceeds to this acquisition, then applied S$0.8m of fee savings, taking the amount to S$276.3m. The entire S$500m placement had been used: S$137.1m for 5 Science Park Drive, S$81.6m for debt repayment and S$5m for fees.
Released Reaction (next session, 12 Aug): A17U −0.7% · STI −0.3% · peers −1.0% · 1.1× median volumeSource: Issuer announcement
15Aug
S$2.69Capital and corporate development
Issued S$300m green perpetual securities with an initial 3.18% distribution rate.
The subordinated unsecured securities pay semi-annually. From 15 August 2030, the rate resets every five years to five-year SORA-OIS plus 1.582%; the issuer can redeem on the first reset date or later distribution dates. Distributions can be deferred on a non-cumulative basis. Proceeds were intended to refinance borrowings, including S$300m of perpetual securities callable in September 2025.
Released Reaction (next session, 18 Aug): A17U −0.4% · STI −1.0% · peers +0.5% · 1.1× median volumeSource: Issuer announcement
20Aug
S$2.68Capital and corporate development
Completed the acquisition of two freehold development plots in the UK East Midlands.
The Manton Wood and Towcester sites were intended for four logistics properties. The completion announcement refers to the previously announced S$350.1m logistics-development programme.
Released Reaction (same session): A17U −0.7% · STI +0.1% · peers +0.6% · 1.5× median volumeSource: Issuer announcement
27Aug
S$2.71Capital and corporate development
Issued S$700m of 2.343% green notes due 2032.
The unsecured, unsubordinated notes mature on 27 August 2032 and pay interest semi-annually. An amount equivalent to net proceeds was designated to refinance existing borrowings relating to eligible projects under CLAR’s Green Finance Framework.
Released Reaction (next session, 28 Aug): A17U −0.4% · STI +0.2% · peers +0.5% · 0.7× median volumeSource: Issuer announcement
1Sep
S$2.76Capital and corporate development
Announced redemption of S$300m Series 002 green perpetual securities.
The issuer intended to redeem all securities on 17 September 2025 at 100% of nominal value plus accrued distribution. Payment would be made through CDP to holders recorded five business days before redemption.
Released Reaction (same session): A17U +1.5% · STI +0.1% · peers +1.0% · 1.0× median volumeSource: Issuer announcement
5Sep
S$2.77Capital and corporate development
Disclosed related-party workspace management agreements at 1A Science Park Drive.
Science Park Property Trust 1, in which CLAR held 34%, engaged The Work Project for flexible workspaces. The project-management fee was 5% of fit-out cost, estimated at S$239,000, plus approximately S$401,000 of consultancy reimbursements. A five-year management agreement beginning 5 September 2025 involved estimated fees and charges of S$3.2m.
Released Reaction (next session, 8 Sep): A17U +1.1% · STI +0.0% · peers +1.1% · 1.0× median volumeSource: Issuer announcement
17Sep
S$2.81Capital and corporate development
Redeemed all S$300m Series 002 green perpetual securities.
The issuer confirmed that all outstanding securities had been redeemed as at 17 September 2025 and would thereafter be cancelled.
Released Reaction (next session, 18 Sep): A17U −0.7% · STI −0.3% · peers +0.0% · 1.7× median volumeSource: Issuer announcement
Large price moves
No daily or weekly observation entered the fixed large-move selection set in this quarter.
Q4 2025
1 Oct 2025 – 31 Dec 2025
A17U +1.4%STI +8.0%Peer median +7.0%Range S$2.74–S$2.89Close S$2.83
Key developments
16Oct
S$2.84Capital and corporate development
Completed the divestment of 30 Tampines Industrial Avenue 3.
The disposal formed part of the previously announced sale of five Singapore properties for S$329m in aggregate.
Released Reaction (next session, 17 Oct): A17U +0.0% · STI −0.6% · peers +0.0% · 0.7× median volumeSource: Issuer announcement
31Oct
S$2.82Business update
3Q 2025: occupancy was 91.3%; rental reversion was 7.6%.
Occupancy declined from 91.8% at June 2025. Leverage rose to 39.8% from 37.4%, while borrowing cost eased to 3.6% from 3.7%. Debt maturity averaged 3.3 years and 77.6% of borrowings were fixed-rate. Completed August acquisitions totalled S$724.6m; announced divestments of S$381.5m were about 7% above valuation.
Released Guidance: Management expected positive low-double-digit FY 2025 rental reversion.Reaction (next session, 3 Nov): A17U +0.7% · STI +0.4% · peers +0.0% · 0.8× median volumeSource: Issuer announcement
7Nov
S$2.83Capital and corporate development
Completed the divestment of Astmoor Road in the UK.
Following completion, CLAR owned 229 properties: 97 in Singapore, 34 in Australia, 49 in the US and 49 in the UK/Europe.
Released Reaction (next session, 10 Nov): A17U −0.4% · STI −0.1% · peers +0.5% · 0.8× median volumeSource: Issuer announcement
2Dec
S$2.82Management and governance
Announced Vinamra Srivastava’s retirement as a non-executive, non-independent director and Investment Committee member, effective 3 December 2025.
Completed the divestment of 95 Gilmore Road in Queensland.
CLAR’s portfolio comprised 228 properties after the sale: 97 in Singapore, 33 in Australia, 49 in the US and 49 in the UK/Europe.
Released Reaction (next session, 11 Dec): A17U +0.0% · STI +0.2% · peers +0.5% · 1.1× median volumeSource: Issuer announcement
17Dec
S$2.76Capital and corporate development
Completed the divestment of four Singapore properties.
The properties were 31 Ubi Road 1,9 Changi South Street 3,10 Toh Guan Road, and 19 & 21 Pandan Avenue. Together with 30 Tampines Industrial Avenue 3 sold in October, these formed the five-property disposal announced in August for S$329m in aggregate.
Entered a parking and revenue-sharing arrangement for Geneo Cluster 1.
The agreement took effect from 6 August 2025 and covered shared car-parking access, easements and rights. Parking revenue was allocated 49.7% to CLAR’s trustee, 45.6% to Science Park Trustee and 4.7% to Science Park Property Trustee. Parties remained responsible for their respective areas, with common costs allocated under the agreement.
Released Reaction (next session, 30 Dec): A17U +0.4% · STI +0.5% · peers +0.0% · 1.1× median volumeSource: Issuer announcement
30Dec
S$2.83Capital and corporate development
Completed three Singapore acquisitions and a US divestment.
The acquired properties were 2 Pioneer Sector 1, Tuas Connection and 9 Kallang Sector, previously announced for approximately S$565.8m in aggregate. CLAR also sold 8700–8770 Nimbus in Portland for US$6.6m (S$8.5m), 10% above its 1 September valuation. The portfolio comprised 226 properties after these transactions.
Released Reaction (next session, 31 Dec): A17U +0.0% · STI −0.2% · peers +0.8% · 0.7× median volumeSource: Issuer announcement
Large price moves
No daily or weekly observation entered the fixed large-move selection set in this quarter.
Q1 2026
2 Jan 2026 – 31 Mar 2026
A17U −9.0%STI +5.1%Peer median −10.1%Range S$2.47–S$2.90Close S$2.47
Key developments
15Jan
S$2.84Management and governance
Appointed Paul Tham Wei Hsing as a non-executive, non-independent director and Investment Committee member, effective 16 January 2026.
Completed the acquisition of DHL Canal Winchester in the US.
The Ohio logistics acquisition had been announced on 16 January for S$94.5m through a sale and leaseback from DHL. It was completed through Ascendas Reit Columbus 1 LLC, bringing the portfolio to 227 properties.
Released Reaction (next session, 30 Jan): A17U +0.0% · STI −0.5% · peers −1.0% · 1.3× median volumeSource: Issuer announcement
5Feb
S$2.86Results
FY 2025: NPI rose 1.7% to S$1,067.6m; DPU fell 1.3% to 15.005 cents.
Revenue rose 1.0% to S$1,538.6m and distributable income increased 1.4% to S$678.3m. Acquisitions contributed revenue, offset by divestments and decommissioning. Cash and fixed deposits were S$209.4m; debt was S$7.56bn and leverage 39.0%. Borrowing cost was 3.5%. The 2H distribution of 7.528 cents was payable 13 March 2026.
Released Guidance: Management expected mid-single-digit rental reversion for FY 2026.Reaction (next session, 6 Feb): A17U −2.1% · STI −0.8% · peers +0.0% · 2.5× median volumeSource: Issuer financial disclosure · Issuer financial disclosure
12Feb
S$2.70Ex-distribution date
Ex-distribution: 7.528 Singapore cents per unit.
2H FY2025 regular distribution. E denotes the provider’s ex-distribution date; the amount is corroborated by issuer reporting. This is a calendar observation, not a filing release.
The transactions comprised 100% of 25 Loyang Crescent with a leaseback to Toll, 50% of Ascent at 2 Science Park Drive, and 49% of a Greater Osaka data centre and its operating company. The Loyang acquisition outlay was approximately S$536.9m, including S$457.8m purchase consideration, S$46.35m upfront land premium, acquisition fees and other costs.
Released Reaction (same session): A17U +0.0% · STI +0.4% · peers +0.0%Source: Issuer announcement
25Mar
S$2.51Capital and corporate development
Priced a S$903.5m equity fund raising.
The private placement comprised 249.377m units at S$2.406, raising S$600m. The preferential offering comprised 129,134,664 units at S$2.350, raising S$303.5m, on the basis of 28 units for every 1,000 existing units. Proceeds were allocated principally to acquisitions.
Released Reaction (same session): A17U +0.4% · STI +0.9% · peers −0.8% · 3.5× median volumeSource: Issuer announcement
31Mar
S$2.47Ex-distribution date
Ex-distribution: 3.750 Singapore cents per unit.
1 January-1 April 2026 advanced distribution, linked to the March 2026 equity fund raising. E denotes the provider’s ex-distribution date; the amount is corroborated by issuer reporting. This is a calendar observation, not a filing release.
No daily or weekly observation entered the fixed large-move selection set in this quarter.
Q2 2026
1 Apr 2026 – 30 Jun 2026
A17U +0.8%STI +5.8%Peer median +7.7%Range S$2.44–S$2.59Close S$2.49
Key developments
2Apr
S$2.50Capital and corporate development
Issued 249.377m private-placement units at S$2.406.
Total units increased to 4,861,329,294, with trading scheduled from 09:00. The new placement units did not qualify for the advanced distribution or preferential offering. S$6m of the equity-fund-raising proceeds had been used for fees and expenses.
Released Reaction (same session): A17U −0.8% · STI −0.6% · peers +0.0% · 2.2× median volumeSource: Issuer announcement
17Apr
S$2.58Capital and corporate development
Preferential offering received applications for 244.24% of available units.
Valid acceptances covered 96,136,788 units (74.45%) and excess applications 219,259,057 units (169.79%). Of 129,134,664 available units, 32,997,876 remained after valid acceptances and were allocated to excess applications. Trading was expected to begin 23 April 2026.
Released Reaction (next session, 20 Apr): A17U −0.4% · STI +0.1% · peers +0.0% · 0.6× median volumeSource: Issuer announcement
24Apr
S$2.55Management and governance
Announced Christopher Wong Mun Yick’s appointment as an independent director and Audit and Risk Committee member.
1Q 2026: occupancy was 90.5%; rental reversion was 10.6%.
Leverage increased to 42.0% from 39.0% after three acquisitions, while borrowing cost remained 3.5%. About 70% of debt was fixed-rate and debt maturity averaged 2.6 years. Management estimated leverage would fall to approximately 37.3% immediately after the S$903.5m equity raising if net proceeds repaid debt, before the Japan and Loyang acquisitions. Seven development and enhancement projects totalled S$730.3m.
Released Guidance: Management retained mid-single-digit FY 2026 rental-reversion guidance.Reaction (next session, 28 Apr): A17U −0.8% · STI −0.1% · peers −0.8% · 1.4× median volumeSource: Issuer announcement
7May
S$2.49Capital and corporate development
Completed the acquisition of a 49% interest in the Greater Osaka data centre.
CLAR applied an additional S$188.3m, or 20.8% of gross equity-fund-raising proceeds, to partly finance the acquisition.
Released Reaction (next session, 8 May): A17U −0.4% · STI −0.4% · peers −0.5% · 1.0× median volumeSource: Issuer announcement
Large price moves
17
8 Apr 2026 · +2.8% · Sector-wide · index +0.8%, peers +2.6%, left over +0.2%
Observed return +2.80%; STI +0.77%; peer median +2.56%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
A17U −4.2%STI +10.8%Peer median −5.2%Range S$2.35–S$2.58Close S$2.35
Key developments
5Aug
S$2.57Results
1H 2026: NPI rose 6.2% to S$556.1m; DPU increased 0.1% to 7.482 cents.
Revenue grew 6.7% to S$805.5m and distributable income rose 8.6% to S$359.4m. Acquisitions contributed growth, partly offset by divestments; property expenses rose 7.8%. Cash and fixed deposits were S$264.1m; debt was S$8.28bn and leverage 39.7%. Borrowing cost was 3.5%. The residual 3.732-cent distribution was payable 8 September, following a 3.750-cent advanced distribution.
2 April-30 June 2026 residual distribution after the advanced distribution. E denotes the provider’s ex-distribution date; the amount is corroborated by issuer reporting. This is a calendar observation, not a filing release.
Announced completion of the 5 Tuas Avenue 5 acquisition.
The ramp-up logistics property acquisition completed on 17 August 2026. Its previously announced purchase price was S$133.9m. CLAR applied S$82.2m, or 9.1% of gross equity-fund-raising proceeds, to partly finance it.
Released Reaction (next session, 19 Aug): A17U −0.4% · STI −0.1% · peers −0.9% · 1.1× median volumeSource: Issuer announcement
21Aug
S$2.46Capital and corporate development
Secured a US$300m revolving credit facility maturing in 2029.
The committed facility was obtained by wholly owned Ascendas US REIT LLC and guaranteed by CLAR’s trustee. Removal of the manager without a replacement appointed under the trust deed would be an event of default. Failure to pay could trigger cross-defaults; approximately S$8.4bn of outstanding facilities could be affected, excluding interest and after expected repayments using this facility. No such event had occurred.
Released Reaction (next session, 24 Aug): A17U −0.4% · STI −0.1% · peers +0.5% · 0.5× median volumeSource: Issuer announcement
27Aug
S$2.44Capital and corporate development
Completed the acquisition and leaseback of 25 Loyang Crescent.
CLAR used the remaining S$218.3m of equity-fund-raising proceeds to partly finance the acquisition. The full S$903.5m had now been used, including S$10.2m of fees and expenses and S$30.9m of debt repayment.
Released Reaction (next session, 28 Aug): A17U −0.4% · STI +0.3% · peers −0.9% · 1.0× median volumeSource: Issuer announcement
Large price moves
18
28 Jul 2026 · +2.8% · Residual · index −0.1%, peers +0.5%, left over +2.3%
Observed return +2.82%; STI -0.07%; peer median +0.52%. Company residual remains unexplained by the checked controls and tape.
755 issuer sessions, 11 September 2023 to 9 September 2026. Quarter returns run from the previous quarter’s last available close to the current quarter-end close; the first partial quarter starts at its first displayed close. Issuer and peer returns use dividend-adjusted prices; the STI uses its price-index series. Peer median is a comparison, not a traded portfolio. Release and reaction dates are distinct; volume ratios compare the reaction session with up to 60 preceding displayed sessions.
The full move register — every large move and its market and sector controls
All 18 detected moves: 12 daily observations and six weekly windows. Returns are percentages; Left over is CLAR minus the peer median in percentage points. Daily selection uses the larger of 5% and 2.5 times trailing 60-session volatility, plus the top 12 absolute moves. Weekly selection uses the larger of 8% and 2.5 times trailing 26-week volatility, plus the top six absolute moves. Overlapping windows are not independent observations.
#
Session
A17U
STI
Peers
Left over
Control result
What the evidence supports
1
18 Oct 2023
−3.0%
−1.1%
−1.9%
−1.1%
Sector-wide
Observed return -2.95%; STI -1.11%; peer median -1.87%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.Mapletree Industrial Trust −1.3 · Mapletree Logistics Trust −3.8 · Frasers Logistics & Commercial Trust −1.9
2
19 Oct 2023
−3.0%
−1.2%
−1.3%
−1.7%
Residual
Observed return -3.04%; STI -1.18%; peer median -1.30%. Company residual remains unexplained by the checked controls and tape.Mapletree Industrial Trust −1.4 · Mapletree Logistics Trust −1.3 · Frasers Logistics & Commercial Trust −1.0
3
week to 20 Oct 2023
−7.8%
−3.4%
−5.6%
−2.2%
Sector-wide
Observed return -7.81%; STI -3.42%; peer median -5.61%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.Mapletree Industrial Trust −4.0 · Mapletree Logistics Trust −6.9 · Frasers Logistics & Commercial Trust −5.6
4
30 Oct 2023
+2.8%
+0.1%
+0.5%
+2.3%
Residual
Observed return +2.79%; STI +0.08%; peer median +0.47%. The session followed the 27 October, 17:33:33 business update, which reported 94.5% occupancy and 10.2% rental reversion. The +2.32-point peer residual coincided with that release; the filing alone does not establish causation.Mapletree Industrial Trust +0.5 · Mapletree Logistics Trust +1.4 · Frasers Logistics & Commercial Trust +0.0
5
week to 3 Nov 2023
+7.6%
+2.7%
+6.4%
+1.2%
Sector-wide
Observed weekly return +7.57%; the peer comparison supports a shared sector influence. This window also includes the first session after the 27 October business update. The weekly observation cannot isolate that release from the broader market move.Mapletree Industrial Trust +4.4 · Mapletree Logistics Trust +6.4 · Frasers Logistics & Commercial Trust +9.9
6
14 Dec 2023
+5.3%
+0.6%
+3.7%
+1.6%
Sector-wide
Observed return +5.28%; STI +0.60%; peer median +3.68%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.Mapletree Industrial Trust +5.2 · Mapletree Logistics Trust +3.7 · Frasers Logistics & Commercial Trust +2.7
7
week to 19 Apr 2024
−5.2%
−1.3%
−6.7%
+1.5%
Sector-wide
Observed return -5.19%; STI -1.26%; peer median -6.73%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.Mapletree Industrial Trust −5.2 · Mapletree Logistics Trust −9.7 · Frasers Logistics & Commercial Trust −6.7
8
12 Jul 2024
+3.4%
+0.7%
+3.6%
−0.2%
Sector-wide
Observed return +3.42%; STI +0.65%; peer median +3.63%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.Mapletree Industrial Trust +3.7 · Mapletree Logistics Trust +3.0 · Frasers Logistics & Commercial Trust +3.6
9
week to 12 Jul 2024
+6.7%
+2.5%
+6.6%
+0.0%
Sector-wide
Observed return +6.67%; STI +2.55%; peer median +6.64%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.Mapletree Industrial Trust +6.6 · Mapletree Logistics Trust +6.3 · Frasers Logistics & Commercial Trust +7.5
10
5 Aug 2024
−2.9%
−4.1%
−2.9%
+0.0%
Sector-wide
Observed return -2.88%; STI -4.07%; peer median -2.91%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.Mapletree Industrial Trust −2.2 · Mapletree Logistics Trust −3.0 · Frasers Logistics & Commercial Trust −2.9
11
20 Sep 2024
−3.4%
−0.2%
−2.5%
−0.8%
Sector-wide
Observed return -3.38%; STI -0.23%; peer median -2.54%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.Mapletree Industrial Trust −3.9 · Mapletree Logistics Trust −2.0 · Frasers Logistics & Commercial Trust −2.5
12
7 Apr 2025
−5.5%
−7.5%
−7.1%
+1.6%
Sector-wide
Observed return -5.49%; STI -7.46%; peer median -7.10%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.Mapletree Industrial Trust −5.7 · Mapletree Logistics Trust −8.4 · Frasers Logistics & Commercial Trust −7.1
13
9 Apr 2025
−3.2%
−2.2%
−5.4%
+2.2%
Sector-wide
Observed return -3.17%; STI -2.18%; peer median -5.39%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.Mapletree Industrial Trust −4.7 · Mapletree Logistics Trust −8.7 · Frasers Logistics & Commercial Trust −5.4
14
10 Apr 2025
+4.5%
+5.4%
+2.5%
+2.0%
Market-wide
Observed return +4.51%; STI +5.43%; peer median +2.53%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.Mapletree Industrial Trust +4.9 · Mapletree Logistics Trust +1.9 · Frasers Logistics & Commercial Trust +2.5
15
week to 11 Apr 2025
−8.4%
−8.2%
−12.0%
+3.6%
Sector-wide
Observed return -8.42%; STI -8.19%; peer median -12.02%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.Mapletree Industrial Trust −8.1 · Mapletree Logistics Trust −17.6 · Frasers Logistics & Commercial Trust −12.0
16
week to 17 Apr 2025
+5.2%
+5.9%
+9.3%
−4.1%
Sector-wide
Observed return +5.20%; STI +5.92%; peer median +9.26%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.Mapletree Industrial Trust +5.2 · Mapletree Logistics Trust +9.3 · Frasers Logistics & Commercial Trust +9.3
17
8 Apr 2026
+2.8%
+0.8%
+2.6%
+0.2%
Sector-wide
Observed return +2.80%; STI +0.77%; peer median +2.56%. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.Mapletree Industrial Trust +2.6 · Mapletree Logistics Trust +1.7 · Frasers Logistics & Commercial Trust +3.4
18
28 Jul 2026
+2.8%
−0.1%
+0.5%
+2.3%
Residual
Observed return +2.82%; STI -0.07%; peer median +0.52%. Company residual remains unexplained by the checked controls and tape.Mapletree Industrial Trust +0.5 · Mapletree Logistics Trust +0.8 · Frasers Logistics & Commercial Trust +0.0
The timeline draws on 234 issuer archive rows covering 9 September 2023 through 9 September 2026, supplemented by the actual results releases and corrections in the issuer’s financial-results archive and SGX announcements. The archive row count alone is not a complete results history. Routine interest notices, fee-unit allotments, meeting paperwork and advance results-date notices are generally omitted from the selected developments. Release times are verified against SGX broadcast records or the issuer’s timestamped attachments; related documents are grouped where they describe one development. A transaction first disclosed in later results is described on its disclosure date.
A filing released before 09:00 Singapore time is compared with that session; a later release with the next session. This daily-bar convention does not establish an intraday response or causation. Weekly moves describe the whole window. Broker research, index changes and investor flows were not exhaustively searched, so an unexplained residual means no supported issuer-filing explanation was established in the checked sources.
Sources: issuer announcement archive; financial-results archive; individual filing links in each development; retained Yahoo Finance price histories for A17U.SI, ^STI, ME8U.SI, M44U.SI and BUOU.SI. The first and last quarters are partial. Historical coverage ends on 9 September 2026.
What you can watch yourself
Every other test on this page waits for the company to file. These do not. Each row is a series you can look up yourself, free, today — with the level this reading was built against, the levels that would put it in question, and what the series cannot tell you.
Open the industrial stock table and subtract vacant private business-park space from available space, then divide by available space. JTC / data.gov.sg
78.34 and 75.34 percent, on a move below — currently at or better than the level the reading assumed
How often to look
quarterly (the series prints quarterly)
What it points to. Falling market occupancy can weaken CLAR's leasing and renewal negotiations.
Direction only — this pack does not carry a coefficient from this series to reported earnings.
What it cannot tell you. Market nett space includes properties and lease terms unlike CLAR's portfolio. It cannot reveal CLAR's signed rents, incentives or collection.
Settled by CLAR next operating update (date not confirmed) and FY2026 cash-flow statements. Lead time: New leasing can lead recognized rent by months; refinancing reprices only when drawn or reset..
Read the daily ten-year benchmark yield in MAS Singapore Government Securities prices and yields. MAS
Last recorded
2.36 percent p.a., 2026-09-08
What the reading assumes
2.36 percent p.a. (MAS 10-Year Bond Yield; average buying rates, not coupon, 2026-09-08)
Watch / alert
2.86 and 3.36 percent p.a., on a move above — currently at or better than the level the reading assumed
How often to look
weekly (the series prints daily)
What it points to. Higher long-term sovereign yields can increase required property returns and refinancing costs.
Direction only — this pack does not carry a coefficient from this series to reported earnings.
What it cannot tell you. The ten-year government yield is not SORA or CLAR's borrowing margin. Hedges, currencies and maturity timing can offset or delay transmission.
Settled by CLAR next operating update (date not confirmed) and FY2026 cash-flow statements. Lead time: New leasing can lead recognized rent by months; refinancing reprices only when drawn or reset..
Read the Warehouse series in JTC's quarterly industrial rental-index table. Exact analyst investigation thresholds are 105.84 for watch (108.0 × 0.98) and 102.60 for alert (108.0 × 0.95); the watch/alert display below is rounded. These assumptions prompt source review and do not estimate earnings or recommend a trade. JTC / data.gov.sg
Last recorded
108 index, 2026-06-30
What the reading assumes
108 index (official series, 2026Q2)
Watch / alert
106 and 103 index, on a move below — currently at or better than the level the reading assumed
How often to look
quarterly (the series prints quarterly)
What it points to. A weaker rental index points to less favorable rent on newly negotiated warehouse leases.
Direction only — this pack does not carry a coefficient from this series to reported earnings.
What it cannot tell you. The index covers new market transactions, while CLAR's multi-year leases and logistics mix differ. It does not apply to every dollar of in-place rent.
Settled by CLAR next operating update (date not confirmed) and FY2026 cash-flow statements. Lead time: New leasing can lead recognized rent by months; refinancing reprices only when drawn or reset..
Watchlist reviewed on 2026-09-09; each observation has its own date above. This watchlist date does not change the company research cutoff. A series moving past a level is a reason to re-read the case, not a recommendation. The same series across every company covered: what you can watch.
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Business anatomy · from inputs to customer value
Leased properties turn occupied space into property income, then funding decisions shape cash
CapitaLand Ascendas REIT owns business-space, industrial, data-centre and logistics properties; occupancy, property spending and funding shape cash available for distribution.
Follow the operating chain from demand or inputs to customer outcome and cash.
Revenue engineProperty portfolio
Lease working space
What happensBusinesses rent space across business parks, industrial buildings, data centres and logistics properties.
How it earnsOccupied space and collected rent generate property revenue.
Cash conversionProperty cash
Keep buildings earning
What happensProperty costs, maintenance and improvements absorb cash before it reaches unitholders.
Cash triggerNet property income and cash available for distribution measure different things.
Capital loopFunding cycle
Refinance and renew assets
What happensDebt repayments, acquisitions and finite land rights require funding and capital decisions over time.
Return driverRefinancing terms and property spending affect cash available to unitholders.
Original SMID Research comic. AI-assisted, analyst-directed monochrome artwork depicts the evidenced operating steps of CapitaLand Ascendas REIT; deterministic captions and dated mix figures state the economics using issuer disclosures available to 2026-09-09. The drawings are representative—not issuer artwork, an exact product or site design, a statement of scale, or a company forecast.
Investor translation
What matters after the operating picture
Four questions connect the business model to cash and balance-sheet risk. This is a factual reading aid, not a valuation or recommendation.
Value lever
Occupancy and rental reversion support property income across the portfolio.
Cash bottleneck
Maintenance, improvements and distributions use cash differently and should not be treated as the same measure.
Credit breakpoint
Maturity refinancing must remain available as debt falls due.
Next proof
The next issuer update on same-store occupancy, reinvestment and funding terms.
Text version of this comic
Revenue engine · Lease working space Businesses rent space across business parks, industrial buildings, data centres and logistics properties. How it earns: Occupied space and collected rent generate property revenue.
Cash conversion · Keep buildings earning Property costs, maintenance and improvements absorb cash before it reaches unitholders. Cash trigger: Net property income and cash available for distribution measure different things.
Capital loop · Refinance and renew assets Debt repayments, acquisitions and finite land rights require funding and capital decisions over time. Return driver: Refinancing terms and property spending affect cash available to unitholders.
Evidence balance
The live questionCan growth in property income translate into cash per unit after property spending and refinancing needs?First-half revenue increased while distribution per unit was broadly unchanged, making the bridge from rent to cash more informative than revenue growth alone.
What improved
Revenue grew 6.7% against the same half a year earlier. Rental reversion on renewed leases was positive, and the August disclosures confirmed completion of the Tuas and Loyang logistics acquisitions.
What became more demanding
US same-store occupancy was 84.6%, compared with 87.3% a year earlier. Property costs, maintenance, improvements and debt maturities all affect the cash that can ultimately reach unitholders.
Strongest alternative explanation
Revenue growth and broadly unchanged distributions can coexist when financing, manager fees, trust costs and property spending absorb different amounts of cash. That accounting distinction alone does not establish weaker underlying rent collection.
The decisive missing fact
The decisive disclosures are the maintenance and enhancement spending split, tenant incentives, land-renewal conditions and premiums, joint-venture distribution restrictions, and committed undrawn facilities by obligor and expiry.
Drawn from the evidence on this page: the improvement, the constraint, the benign reading and the fact that would settle it. It states no view on the shares.
Behind the lock
The authenticated research library offers a credit initiation with an equity perspective dated 10 September 2026, as PDF and Markdown. A separately reviewed conditional equity valuation, integrated forecast workbook and model repair note are also available there. The prior full equity report and deck remain withheld. No current equity rating, internal credit letter rating, instrument trade or portfolio action is offered.
