{
 "company": "CapitaLand Ascendas REIT",
 "ticker": "SGX:A17U",
 "source_page": "https://smidresearch.com/companies/capitaland-ascendas-reit/",
 "information_cutoff": "9 September 2026",
 "licence": "Public evidence-library figures as filed by the issuer and recomputed by SMID Research; cite the page and its information cut-off. No rating, fair value, price target or recommendation is included. Not investment advice.",
 "tables": [
  {
   "index": 1,
   "section": "Business and reporting map",
   "caption": "",
   "headers": [
    "1H2026, S$ million",
    "Revenue",
    "NPI",
    "NPI margin"
   ],
   "rows": [
    [
     "Business space / life sciences",
     "323.5",
     "231.9",
     "71.7%"
    ],
    [
     "Industrial / data centres",
     "291.1",
     "186.4",
     "64.0%"
    ],
    [
     "Logistics",
     "190.9",
     "137.8",
     "72.2%"
    ]
   ]
  },
  {
   "index": 2,
   "section": "Business and reporting map",
   "caption": "",
   "headers": [
    "Capital productivity",
    "Closing assets, S$m",
    "Half-year NPI/assets",
    "NPI share",
    "Asset share"
   ],
   "rows": [
    [
     "Business space / life sciences",
     "8,397",
     "2.76%",
     "41.7%",
     "42.4%"
    ],
    [
     "Industrial / data centres",
     "6,167",
     "3.02%",
     "33.5%",
     "31.2%"
    ],
    [
     "Logistics",
     "5,225",
     "2.64%",
     "24.8%",
     "26.4%"
    ],
    [
     "Source: 1H2026 financial statements, segment note; analyst calculations.",
     "",
     "",
     "",
     ""
    ]
   ]
  },
  {
   "index": 3,
   "section": "Reported cash and capital management",
   "caption": "",
   "headers": [
    "1H2026 signed cash bridge",
    "S$ million / ratio"
   ],
   "rows": [
    [
     "Operating cash flow",
     "479.886"
    ],
    [
     "Cash financing cost",
     "-139.565"
    ],
    [
     "Lease payments",
     "-18.116"
    ],
    [
     "Perpetual distributions",
     "-4.810"
    ],
    [
     "Property improvements",
     "-54.866"
    ],
    [
     "Interest received",
     "1.670"
    ],
    [
     "Cash after all improvements",
     "264.199"
    ],
    [
     "Distributable income",
     "359.416"
    ],
    [
     "Cash / distributable income",
     "73.5%"
    ],
    [
     "Source: 1H2026 cash-flow and distribution statements; calculation shown.",
     ""
    ]
   ]
  },
  {
   "index": 4,
   "section": "Reported cash and capital management",
   "caption": "",
   "headers": [
    "Calendar year",
    "Debt after stated term-outs, S$m"
   ],
   "rows": [
    [
     "2026",
     "868"
    ],
    [
     "2027",
     "939"
    ],
    [
     "2028",
     "1,224"
    ],
    [
     "2029",
     "1,325"
    ],
    [
     "2030",
     "968"
    ],
    [
     "2031",
     "1,427"
    ],
    [
     "2032",
     "815"
    ],
    [
     "2034",
     "300"
    ],
    [
     "Source: June 2026 presentation. 2026 means the remaining year; planned term-outs are assumptions, with commitments not fully verified.",
     ""
    ]
   ]
  },
  {
   "index": 5,
   "section": "Historical financial record",
   "caption": "",
   "headers": [
    "Year ended 31 December",
    "Revenue S$m",
    "NPI S$m",
    "Total return S$m",
    "Actual DPU cents",
    "CFO S$m"
   ],
   "rows": [
    [
     "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.",
     "",
     "",
     "",
     "",
     ""
    ]
   ]
  },
  {
   "index": 6,
   "section": "Q3 2026",
   "caption": "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.",
   "headers": [
    "#",
    "Session",
    "A17U",
    "STI",
    "Peers",
    "Left over",
    "Control result",
    "What the evidence supports"
   ],
   "rows": [
    [
     "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"
    ]
   ]
  }
 ]
}