Felicia Tan Published on Fri, Oct 22, 2021

The manager of CapitaLand Integrated Commercial Trust (CICT) has reported revenue of $329.0 million for the 3QFY2021 ended September, more than double revenue of $150.3 million in the 3QFY2020.

Net property income (NPI) during the quarter, too, more than doubled to $242.6 million, from $104.5 million in the corresponding period the year before.

According to the REIT, the enlarged portfolio and 100% contribution from Raffles City Singapore (RCS) boosted its financial performance for year-to-date (y-t-d) September.

As at Sept 30, the REIT had a portfolio committed occupancy of 94.4%, with a weighted average lease expiry of 3.0 years by gross rental income (GRI).

Recovery level for retail tenants’ sales stood at 101.0% y-o-y higher for y-t-d September.

CICT’s integrated development, CapitaSpring, on Market Street, has achieved its temporary occupation permit (TOP) for its office component. The building is on track to be fully completed by end-2021.

As at Sept 30, CapitaSpring has achieved a committed occupancy of 83.1% with another 7.2% under advanced negotiation.
RCS is also undergoing asset enhancement initiatives (AEIs) to rejuvenate its offerings and enhance the retail experience for its customers.

As at Sept 30, CICT has aggregate leverage of 40.9%, 0.4 percentage points higher than the 40.5% as at June 30.

Units in CICT closed flat at $2.13 on Oct 22.