Ascendas Real Estate Investment Trust (REIT), Ascott Residence Trust, and Ascendas India Trust have officially changed their names since 27 September 2022.
Ascendas REIT is now known as CapitaLand Ascendas REIT (CLAR), Ascott Residence Trust has been renamed to CapitaLand Ascott Trust (CLAS), while Ascendas India Trust is now known as CapitaLand India Trust (CLINT).
The name change follows CapitaLand’s S$11 billion merger with Ascendas-Singbridge back in January 2019.
With the successful merger, CapitaLand was restructured into CapitaLand Investment Limited (SGX: 9CI), consisting of investment management platforms and its lodging business, while its development business segment was privatised.
CapitaLand Investment Limited is also the sponsor of CapitaLand Ascendas REIT, CapitaLand Ascott Trust, and CapitaLand India Trust.
In this latest edition of 4 Stocks This Week, we explore these REITs that have been unified under the CapitaLand brand.
CapitaLand Ascendas REIT (SGX: A17U)
CapitaLand Ascendas REIT (SGX: A17U) is Singapore’s first and largest listed business space and industrial REIT.
Source: CapitaLand Ascendas REIT investor presentation
As of 30 June 2022, the REIT owned a total of 228 properties across three segments – Business Space and Life Sciences; Logistics; and Industrial and Data Centres. Those properties are located in countries such as Singapore, Australia, the United States and the United Kingdom.
The name of CapitaLand Ascendas REIT’s manager has also changed from Ascendas Funds Management (S) Limited to CapitaLand Ascendas REIT Management Limited.
However, CapitaLand Ascendas REIT’s ticker symbol of A17U remains unchanged.
For the first half of 2022, CapitaLand Ascendas REIT announced a gross revenue of S$666.5 million, rising by 13.7% year-on-year. The growth was mainly due to contributions from newly acquired properties and a built-to-suit development in Singapore.
Net property income grew 7.0% year-on-year to S$476.9 million, while the total amount available for distribution increased by 6.3% to S$330.7 million. After taking into account an enlarged number of outstanding units, CapitaLand Ascendas REIT’s distribution per unit (DPU) rose 2.8% to 7.873 Singapore cents.
CapitaLand Ascott Trust (SGX: HMN)
CapitaLand Ascott Trust (SGX: HMN) is the largest hospitality trust in the Asia Pacific, with an asset value of S$7.6 billion, as of 30 June 2022.
CapitaLand Ascott Trust’s portfolio consists of 95 properties in 44 cities across 15 countries in Asia Pacific, Europe and the US. Its properties are mostly operated under the Ascott, Somerset, Quest, and Citadines brands.
Source: Ascott Residence Trust investor presentation
CapitaLand Ascott Trust is a stapled group comprising CapitaLand Ascott Real Estate Investment Trust (formerly known as Ascott Real Estate Investment Trust) and CapitaLand Ascott Business Trust (formerly known as Ascott Business Trust).
Despite the name change, CapitaLand Ascott Trust’s ticker symbol of HMN remains the same.
For the first half of 2022, CapitaLand Ascott Trust’s revenue increased by 45% year-on-year to S$267.4 million, and its gross profit grew 44% year-on-year to S$118.2 million due to stronger performance and contribution from new properties.
Excluding the contributions from 12 new properties and three properties sold off in FY2021, like-for-like revenue and gross profit were 32% and 28% higher, respectively, year-on-year.
Meanwhile, distribution per stapled security (DPS) rose 14% year-on-year to 2.33 Singapore cents. Excluding one-off items, adjusted DPS soared 120% year-on-year on stronger operating performance.
CapitaLand India Trust (SGX: CY6U)
CapitaLand India Trust (SGX: CY6U) was listed here in August 2007 as the first Indian property trust in Asia. The trust’s portfolio has eight IT business parks, one logistics park, one industrial facility, and three data centre development in India.
CapitaLand India Trust focuses on capitalising on the fast-growing IT industry and logistics/industrial asset classes in India, as well as diversifying into new economy asset classes such as data centres.
Source: CapitaLand India Trust investor presentation
The name of CapitaLand India Trust’s trustee-manager has also changed from Ascendas Property Fund Trustee Pte. Ltd. to CapitaLand India Trust Management Pte. Ltd.
However, CapitaLand India Trust’s ticker symbol of CY6U is unchanged.
For the first half that ended 30 June 2022, CapitaLand India Trust posted a total property income growth of 8% year-on-year to S$103.3 million, while its net property income also rose 8% to S$83.4 million. With that, CapitaLand India Trust’s DPU grew 2% year-on-year to 4.28 Singapore cents, up from 4.20 cents a year ago.
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The post CapitaLand Ascendas REIT; CapitaLand Ascott Trust; CapitaLand India Trust: Stocks That Recently Undergo A Name Change appeared first on DollarsAndSense.sg.
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