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Singapore's largest industrial REIT, owning business parks, logistics and data center properties across Singapore, US and Europe.
Singapore's largest industrial REIT, owning business parks, logistics and data center properties across Singapore, US and Europe.
Earns rent under multi-year leases, many with built-in annual rent steps, collected by a manager owned by sponsor CapitaLand Investment. Many Singapore properties sit on long land leases from JTC, a government agency, so remaining lease length matters. Like Singapore REITs generally, it passes most income on to unitholders.
In one line: A Singaporean Prologis/Digital Realty hybrid.
Moat: narrow (installed base, scale). Large, diversified industrial property portfolio with long leases across Singapore, US, UK and Europe.
Headquarters: Singapore · Founded: 2002
Size CapitaLand Ascendas REIT (A17U.SI) is a Singapore Real Estate company (Real Estate Investment Trusts) with a market value of $8.83B, the 15th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$2.26 on 6 Nov 2026.
Performance Over six months the shares fell 8.9%, against -0.1% for the median peer and -1.2% for the Singapore market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 6.5% over the last twelve months (peer median +7.2%); the operating margin is 54.5% (peer median 35.8%).
Valuation It trades at 0.99× book value against a peer median of 1.88× (6th cheapest of 21).
Price implies The share price implies a return on equity of about 5.2%; CapitaLand Ascendas REIT delivers 7.0%, so the price asks less than the business earns today.
Credit CapitaLand Ascendas REIT has 1 bond outstanding ($334M), rated A3 by the agencies and trading like BBB- at a weighted spread of 101 bp.
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$1.62B | S$1.57B | S$1.50B | S$1.52B | S$1.32B |
| Revenue growth | — | +5% | -2% | +16% | — |
| Gross profit | S$1.02B | S$1.01B | S$936M | S$974M | S$844M |
| EBITDA | S$881M | S$883M | S$963M | S$904M | S$967M |
| Net income | S$752M | S$770M | S$755M | S$159M | S$751M |
| Free cash flow | S$617M | S$648M | S$593M | S$562M | S$728M |
| Capital expenditure | S$131M | S$163M | S$107M | S$171M | S$126M |
| Total debt | n/a | S$8.23B | S$7.45B | S$7.47B | S$7.09B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| CapitaLand Ascendas REIT A17U.SI | $8.83B | -9% | +7% | 7% | 0.99× | 5.2% |
| CapitaLand Integrated Commercial Trust C38U.SI | $14.6B | +2% | +5% | 8% | 1.09× | 6.1% |
| Prologis PLD | $123B | -11% | +7% | 8% | 2.16× | 20.9% |
| Digital Realty DLR | $65.9B | -10% | +21% | 4% | 2.39× | 19.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | A17U.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.7% | +6.8% | 8th lowest of 21 |
| 6-month return | -8.9% | -0.1% | 3rd lowest of 21 |
| Return on equity | 7.0% | 9.1% | 8th lowest of 20 |
| Price / book | 0.99× | 1.88× | 6th cheapest of 21 |
| Trailing P/E | 14.1× | 22.2× | 4th cheapest of 16 |
| ROE the price implies | 5.2% | 13.8% | least demanding of 21 |
| ROE delivered | 7.0% | 9.1% | 8th lowest of 20 |
| Bond spread | 101 bp | 86 bp | 4th widest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| CapitaLand Ascendas REIT A17U.SI | Singapore | $8.83B | -9% | +7% | 7% | 0.99× | 5.2% | 7.0% |
| Lineage LINE | United States | $8.91B | -2% | +1% | -2% | 1.13× | 9.9% | -2.0% |
| CareTrust REIT CTRE | United States | $9.03B | -8% | +53% | 9% | 2.01× | 14.7% | 9.1% |
| Agree Realty ADC | United States | $9.09B | -8% | +18% | 4% | 1.34× | 8.2% | 3.8% |
| Ryman Hospitality Properties RHP | United States | $9.11B | +19% | +13% | 26% | 6.58× | 55.9% | 26.0% |
| Brixmor Property BRX | United States | $9.21B | +1% | +5% | 14% | 3.05× | 23.1% | 14.2% |
| CapitaLand Investment 9CI.SI | Singapore | $9.22B | -11% | -15% | 1% | 0.94× | 7.9% | 1.5% |
| MERLIN Properties SOCIMI MRL.MC | Spain | $8.05B | -23% | +13% | 10% | 0.77× | 8.0% | 9.9% |
| Rexford Industrial Realty REXR | United States | $8.02B | +4% | -2% | -6% | 1.16× | 11.7% | -5.9% |
| Vicinity Centres VCX.AX | Australia | $8.01B | 0% | +3% | 12% | 0.94× | 9.7% | 12.0% |
| Federal Realty Investment Trust FRT | United States | $9.74B | -2% | +8% | 14% | 3.14× | 23.7% | 13.6% |
| Choice Properties Real Estate Investment Trust CHP-UN.TO | Canada | $7.95B | -1% | +4% | -2% | 2.66× | 14.7% | -1.7% |
| NNN REIT NNN | United States | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% | 8.9% |
| Janus Living JAN | United States | $9.93B | +15% | n/a | n/a | 2.41× | 15.7% | n/a |
| Alexandria Real Estate Equities ARE | United States | $7.80B | -2% | -10% | -9% | 0.52× | 7.0% | -9.1% |
| CubeSmart CUBE | United States | $10.1B | +11% | +3% | 13% | 4.06× | 30.4% | 13.1% |
| Stockland SGP.AX | Australia | $7.74B | +15% | +15% | 10% | 1.04× | 11.7% | 9.5% |
| BXP BXP | United States | $10.4B | +11% | +3% | 10% | 2.00× | 17.2% | 10.4% |
| Land Securities LAND.L | United Kingdom | $7.51B | +20% | +7% | 5% | 0.77× | 11.9% | 5.3% |
| EastGroup Properties EGP | United States | $10.4B | -6% | +10% | 9% | 2.92× | 22.3% | 8.9% |
| COPT Defense Properties CDP | United States | $7.43B | +4% | +7% | 11% | 2.42× | 17.3% | 11.2% |
CapitaLand Ascendas REIT has 1 bond outstanding with $334M face value. The agencies rate it A3; its bonds trade like BBB-. Weighted yield 3.95%, a spread of 101 bp over government bonds.