CGS-CIMB's higher FY21-22 DPU estimates also took into account new contributions from two Australian properties under development, slated to be completed in the next two years.
"Fundamentals remain strong, supported by scale, concentrated business parks portfolio, and DPU upside from further overseas diversification," Mr Chua said.CGS-CIMB noted that A-Reit's balance sheet is healthy with gearing at 34.9 per cent and about 6 per cent of its total debt to be refinanced for the rest of FY20.
Despite the higher occupancy rate, its overall rental reversions turned negative to average -2.3 per cent for leases renewed in the latest quarter, dragged by the Singapore properties, although this remained in line with guidance, Maybank KE said. But CGS-CIMB flagged that the leasing environment may continue to be challenging as tenants reassess or put their expansion plans on hold.
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