CICT posts 11.3% rise in Q1 net property income to $276.3 million
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The Reit's net property income was boosted in part by its acquisition of a 70 per cent interest in CapitaSky in 2022.
PHOTO: CAPITALAND
Wu Xinyi
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SINGAPORE – CapitaLand Integrated Commercial Trust (CICT) reported an 11.3 per cent rise in net property income to $276.3 million for the first quarter ended March 31, from $248.3 million in the same period a year ago.
Gross revenue for the quarter was up 14.4 per cent year on year to $388.5 million, from $339.7 million previously, the manager announced on Friday.
CICT’s first-quarter performance was boosted by contributions from the acquisitions of a 70 per cent interest in CapitaSky in Robinson Road in Singapore and three Australian assets in the second half of 2022, as well as higher income from existing properties.
These gains were partially offset by higher operating costs and the divestment of JCube mall in Jurong East, which was completed in March.
Portfolio occupancy for the quarter was 96.2 per cent, up from 93.6 per cent in 2022. Its weighted average lease expiry remains stable at 3.7 years.
CICT secured positive rental reversions of 6 per cent for its retail portfolio and 4.2 per cent for its office portfolio in the first quarter.
CICT said that with the large-scale relaxation of Covid-19 measures since April 2022, its retail tenants saw a 10.2 per cent rise in sales and a 26.7 per cent jump in shopper traffic for the first quarter.
The manager’s outlook for the retail portfolio in Singapore is positive, on the back of China’s reopening and the continued recovery of tourism.
Units of CICT closed up one cent, or 0.5 per cent, at $2.03 on Friday. THE BUSINESS TIMES
